The hash rate of bitcoin has reached a new all-time high of 281.79 million. The next BTC halving is now projected to take place in early Q4 2023.
Bitcoin’s next halving date has been pushed forward as the hash rate hits a new all-time high. The bitcoin hash rate reached 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 set for the last quarter of 2023.
The reward distribution for miners halves with each bitcoin halving, and this event occurs after every 210,000 blocks are mined. With more miners on board, more blocks are being mined, which advances the halving date.
The next halving will reduce the bitcoin block rewards to 3.125 bitcoins. The process of complete halving will continue until the year 2140, when it is estimated that all 21 million bitcoins will be mined. This makes the network a deflator, and proponents argue that it will increase the value of the asset over time.
bitcoin halving date nears edge
next stop will be about 1.5 years, but if the current rate holds, it could shave a few months off that timeline. The height of the current block is 753,742 and half the block will be at a height of 840,000.
The last stop was in May 2020, much to the festivities. Between that event and the 2016 halving, bitcoin trading volume increased by 50x. There was some concern that the halving would reduce the participation of miners, but those fears were allayed.
numbers look good
Bitcoin has crossed the $21,000 mark, which is an optimistic sign for the asset. Reports showed mining revenues fell below $1 billion for the fourth month in a row, but the overall sentiment appears to be strong.
After the last halving, the average transaction fee for bitcoin increased by 647%. While there is a lot of time between now and the next halving, and despite the bearish mood in the market over the past few months, investors are generally upbeat about the asset’s future.