Bitcoin Hash Rate Hits All-Time High, Next Bitcoin Halving Predicted for Q4 2023
Bitcoin’s hash rate has reached a new all-time high of 281.79 million. The next BTC halving is now projected to take place as early as Q4 2023.
The date for the next bitcoin halving has been pushed forward as the hash rate has hit a new all-time high. The Bitcoin hash rate hit a raw value of 281.79 million on September 11, indicating that more people are jumping on board and a good sign for the health of the network. The halving date was expected sometime in May 2024, but at current levels it is scheduled for the last quarter of 2023.
The reward distribution for miners is halved with each bitcoin halving, and this event occurs after every 210,000 blocks are mined. With more miners on board, more blocks are mined, bringing the halving date forward.
The next halving will reduce the bitcoin block rewards to 3,125 bitcoins. The entire halving process will continue until the year 2140 when it is estimated that all 21 million bitcoins will be mined. This makes the network a deflationary network, and proponents claim that this will push the value of the asset up over time.
Bitcoin halving date edges closer
The next halving takes place in about 1.5 years, but if current rates hold, it could shave a few months off that timeline. Today’s block height is 753,742 and the halving will take place at a block height of 840,000.
The previous halving took place in May 2020, to great celebration. Between that event and the halving that took place in 2016, the trading volume for bitcoin increased by 50 times. There was some concern that the halving would lead to reduced miner engagement, but these fears were allayed.
Numbers look good
Bitcoin has pushed past the $21,000 mark, which is an optimistic sign for the asset. Reports showed that mining revenue fell below $1 billion for the fourth month in a row, but overall sentiment appears strong.
After the last halving, bitcoin’s average transaction fee increased by 647%. Although there is a long time between now and the next halving, and despite the bearish sentiment that has settled over the market in recent months, investors are generally optimistic about the asset’s future.
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