Bitcoin’s hash rate has hit 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 pulled 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 Sept. 11, which indicates that more people are jumping on board and is a good sign for the health of the network. The halving date was expected sometime in May of 2024, but at current levels, it is slated for the last quarter of 2023.
The rewards distribution for miners halves with every bitcoin halving, and this event happens after every 210,000 blocks are mined. With more miners on board, more blocks are being mined, which pulls the halving date forward.
The next halving will reduce the bitcoin block rewards to 3.125 bitcoins. The whole 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 one, and proponents argue that this will push the value of the asset up over time.
Bitcoin halving date edges closer
The next halving will take place in approximately 1.5 years, but if the current rate holds up, it could shave a few months from that timeline. The current 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 much celebration. Between that event and the halving that took place in 2016, bitcoin trading volume increased by 50x. There was some concern that the halving would result in decreased miner involvement, but those fears were dispelled.
Numbers looking good
Bitcoin has pushed past the $21,000 mark, which is an optimistic sign for the asset. Reports showed that mining revenue dropped below $1 billion for the fourth consecutive month, but the overall sentiment appears strong.
Following the last halving, bitcoin’s average transaction fee increased by 647%. While there is a lot of time between now and the next halving, and despite the bearish mood that has set over the market in the past few months, investors are generally buoyant about the asset’s future.