According to the countdown statistics based on the average block generation time of about ten minutes, the progress of the next Bitcoin block reward halving has passed 60%. However, while most halving countdown timers use a ten-minute average, countdowns taking advantage of the most current block interval of around 7:65 minutes show that halving is possible. happens in 2023.
Bitcoin Halving Proposed Faster Block Time Could Happen in 2023
Recently, at block height 757,214, mined on October 5, 2022, Bitcoin’s total hashrate hit an all-time high (ATH) at 321.15 exahash per second (EH/s). Recently, the block interval was faster than usual and ten minutes below the average.
The rate at which 2,016 blocks are found between difficulty adjustments determines the current difficulty and block interval suggestions A big difficult jump is in the cards. Now, before the next difficulty increases, the hashrate has continued to stay strong and the block time at the time of writing is approx. 7:65 minutes.
The next mining difficulty retargeting is expected to happen on or around October 10, 2022. If block times are still faster than normal even after retargeting, the reward halving The block of the protocol is most likely to happen in 2023. Statistics from bitcoinsensus.com indicate that at 7:65 minutes per block interval, the halving could happen on or around December 19th. year 2023.
Bitcoinsensus.com adds that the halving time is based on a ten-minute average rule that suggests the halving will occur on May 1, 2024. Most countdown calculators applying the ten-minute average rule and other data points showing a possible halving on April 20, 2024.
Either way the next halving is more than 60% complete and when it happens bitcoin miner rewards will drop from 6.25 BTC up to 3.125 BTC halve the post. Despite the current high speed, miners can easily slow down once the meaningful difficulty increase on October 10 is recorded and if BTC prices are still low.
This, in turn, will push the halving date back into the 2024 range and, after all, still over a year worth of BTC block subsidies for mines. A lot of things can change. According to one recent blog post from Blocksbridge Consulting, the difficulty change and low price range can cause bitcoin miners to lose profits.
“Bitcoin daily mining revenue per PH/s is currently around $80. If difficulty increases by 13% on Monday and bitcoin price stays at $19.5k, daily revenue will drop to $70 per PH/s (petahash),” Miner Weekly issue 17 of the Blocksbridge Consulting noted. “That would leave daily miners with all-time low revenues, even lower than what we saw in the summer following the May 2020 halving.”
The blog post adds:
Unless the bitcoin price breaks the $20,000 barrier, those using older generation machines or with complex mining operations will face an even tougher time ahead.
Viabtc’s Viawallet halving figures shows that eight blockchains are expected to see the reward halving or what is known as a “reward reduction”. Dash is expected to reduce the reward on June 20, 2023, as the reward will be reduced from 2.76 DASH up to 2.56 DASH. Other discount events and reward halvings that will originate from blockchains include BCH ONLY, BSV, LTC, ET CETERAZEC and ZEN.
What do you think of the Bitcoin network’s progress toward the next halving beyond 60%? Let us know your thoughts on this topic in the comments section below.
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