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According to current statistics, the Bitcoin network is less than 56,000 blocks away and less than 400 days away from the next reward halving. After the next halving, the block reward will be reduced by 50%, and the current block grant of 6.25 bitcoins will drop to 3.125 bitcoins per block after the halving. In addition to the Bitcoin halving getting closer, the Litecoin network is expected to see a block reward halved this year on or around August 3rd.
As of March 29, 2023, there are 395 days left until the next Bitcoin halving, which is scheduled to happen anywhere between April 21 and 28, 2024, with a block interval rate of ten minutes per block. Currently, there are fewer than 56,000 blocks left to mine until the block reward subsidy is halved. Depending on block time rates, the estimated April date may change.
The Bitcoin network halves its block reward every 210,000 blocks mined, and if blocks are mined at an average rate of around ten minutes, each halving occurs approximately every four years. The first halving took place on November 28, 2012, at block height 210,000. The next reward halving occurred on July 9, 2016, and another occurred on May 11, 2020. Following the April 2024 halving, the fifth halving is expected to occur in 2028.
Using today’s BTC exchange rates, the current reward of 6.25 BTC, not including network fees, is just over $177,000 per block. If the price of BTC remains the same when the reward is halved to 3.125 bitcoins, the block reward will be valued at $88,500 per block. Of course, bitcoin miners and network participants expect BTC’s price to increase when the next halving happens.
Regardless of BTC’s price at that time, the miners’ income will be cut in half and they will have to adjust accordingly. Bitcoin’s inflation rate per year is currently 1.71% and after the next halving event it will drop to 0.84%. During the last 2016 blocks mined, calculations show that the network’s average hash rate was around 338.3 exahash per second (EH/s), and recently the hash rate reached 400 EH/s.
While Bitcoin’s halving is expected to happen in less than 400 days, Litecoin’s reward halving is projected to happen this year. According to current LTC block times, the Litecoin network will halve on August 3, 2023. Litecoin rewards will decrease from 12.5 LTC to 6.25 LTC, and there are approximately 11.4 million LTC blocks left to mine. While not quite a halving, the Dash network is expected to see a reward reduction within 84 days, according to current statistics. After the reduction, the reward will shrink from 2,763 DASH to 2,566 DASH.
What do you think about the Bitcoin blockchain’s upcoming halving? Let us know what you think about this topic in the comments section below.
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