Bitcoin Halving Countdown: Understanding the Upcoming Event

The Bitcoin network has achieved another significant milestone on its journey towards reaching its maximum supply of 21 million bitcoins. At 11:06 a.m. Eastern Time (ET) on April 29, 2023, precisely at block height 787,500, the number of blocks left until the next Bitcoin halving has dwindled to less than 52,500 blocs. This development indicates that the network has traversed 75% through the 210,000-block halving cycle, which will ultimately culminate in a reduction of the block reward from 6.25 bitcoins per block to 3.125 bitcoins per block.

Bitcoin Halving: A Brief Overview

The Bitcoin blockchain divides its block reward by two every 210,000 blocks, which happens approximately every four years. Bitcoin has recorded three halvings so far, with the first one taking place on Nov. 28, 2012. Prior to the first halving, Bitcoin miners received 50 BTC for every block they discovered, and after the halving, it was slashed to 25 BTC. The second halving took place on July 9, 2016, decreasing the block subsidy to 12.5 BTC, and the third halving occurred on May 11, 2020, reducing the reward to the current 6.25 bitcoins per block.

The 75% progress mark was achieved at block height 787,500, and currently, there are just 52,465 blocks left to explore until the halving. Bitcoin’s halving is expected to occur on or around April 22, 2024, although some estimates vary by a few days. With 6.25 bitcoins per block today, Bitcoin’s inflation rate per annum is 1.71%, but after the next halving, it is expected to be 0.84%. Statistics reveal that about 900 bitcoins are generated daily, and at the current BTC exchange rate, miners accrue approximately $26,335,800 every day.

The Countdown Begins

At block height 787,500, Bitcoin’s network had accomplished 75% of the halving cycle. With only 52,500 blocks left to explore, the countdown to the next halving is well underway. Bitcoin’s halving is expected to occur on or around April 22, 2024, although some estimates vary by a few days.

Bitcoin’s inflation rate per annum is currently at 1.71% with 6.25 bitcoins per block. However, after the next halving, it is expected to drop to 0.84%. This reduction in the inflation rate could have a significant impact on Bitcoin’s value in the long term.

Statistics indicate that around 900 bitcoins are generated every day, and at the current BTC exchange rate, miners accrue approximately $26,335,800 every day. The reduction in the block reward will significantly impact the profitability of Bitcoin mining, making it harder for miners to earn rewards.

The Next Halvings

While Bitcoin’s halving is the most well-known, other proof-of-work blockchains also undergo reward reductions. The Dash network is expected to undergo a reward reduction in less than 53 days from now. The reward cut is not an official halving, but a decrease in the block reward from 3.11 DASH to 1.56 DASH per block.

Litecoin (LTC) will experience a reward halving in less than 95 days from now. The LTC network will witness its reward sliced by half from 12.5 LTC to 6.25 LTC on or around Aug. 3, 2023. Litecoin’s halving is similar to Bitcoin’s, as it also happens approximately every four years.

Conclusion

In conclusion, the Bitcoin blockchain halving is a significant event that occurs every four years, reducing the block reward by half. As of block height 787,500, the network has traversed 75% of the 210,000-block halving cycle, and there are only 52,465 blocks left to explore until the halving occurs. With the reduction in block rewards, the inflation rate will decrease, making Bitcoin a more scarce asset. Other cryptocurrencies, such as Dash and Litecoin, will also undergo reward reductions in the coming months, further emphasizing the importance of halving events in the crypto world. As Bitcoin continues to gain traction and mainstream adoption, these halving events will likely attract more attention and have a greater impact on the crypto market.

FAQs

For more articles visit : Cryptotechnews24

Konstantinos77

Crypto Tech News 24

Latest Posts

• 
  NFT Crossovers: Exploring the Intersection of Digital Art and GamingJune 1, 2023
  In recent years, the world of digital art has undergone a revolutionary transformation with the emergence of Non-Fungible Tokens (NFTs). These unique digital assets, authenticated using blockchain technology, have brought newfound value and ownership to the digital art space. Simultaneously, the gaming industry has been experiencing tremendous growth, captivating millions…
• 
  Nine Monumental Events Shaping the Cryptocurrency IndustryJune 1, 2023
  The cryptocurrency industry has experienced a remarkable journey since its inception, characterized by various key milestones that have shaped its trajectory. From the birth of Bitcoin to the emergence of decentralized finance and the recent NFT craze, these events have not only transformed the industry but also profoundly impacted the…
• 
  The Rise Of Stablecoins In The Crypto MarketMay 30, 2023
  Cryptocurrencies have transformed the financial landscape, offering decentralized and borderless transactions. Among the various types of cryptocurrencies, stablecoins have gained significant traction in recent years. This article explores the rise of stablecoins, their benefits, use cases, regulatory challenges, and the future of these digital assets. The Rise Of Stablecoins In…
• 
  Kellogg’s Ventures Into The Digital WorldMay 30, 2023
  In a move that highlights the growing intersection of traditional brands with the digital world, Kellogg’s, the American cereal giant, has recently filed a dozen trademarks for its various brands with plans to venture into the realm of non-fungible tokens (NFTs). These filings, submitted to the US Patent and Trademark…
• 
  Layer 1 Blockchain Canto: Challenges Amidst the DeFi Sector SlumpMay 30, 2023
  The decentralized finance (DeFi) sector has been a hotbed of activity and innovation, with various Layer 1 blockchains vying for supremacy. One such blockchain, Canto, has recently encountered a significant setback. Over the past month, Canto has experienced a 35% slump in total value locked (TVL) as liquidity dries up…