The Bitcoin network has achieved 75% progress towards the next reward halving.
At block height 787,500 at 11:06 AM ET on April 29, 2023, there are now less than 52,500 blocks to discover until the next Bitcoin blockchain halving. This means that the network has advanced 75% through the 210,000 block halving cycle, resulting in a block reward reduction from 6.25 Bitcoin per block to 3.125 Bitcoin per block.
Bitcoin Halving Countdown: Less than 52,500 blocks left to discover.
As of Saturday morning (ET), the Bitcoin network was 75% progressed toward the next block reward halving, with less than 52,500 blocks remaining to be discovered by the time the event occurs. This milestone marks another step in the continued evolution of the Bitcoin network as it moves toward its final maximum supply of 21 million Bitcoin. The Bitcoin blockchain halves the block reward every 210,000 blocks, which occurs roughly every four years.
▓▓▓▓▓▓▓▓▓▓▓▓░░░ 75%
365 days, 52503 blocks left
$29385 per person #Bitcoin
— Progress until the next halving (@btc_halving) April 29, 2023
Bitcoin has so far experienced three halvings, the first of which took place on November 28, 2012. Before that, Bitcoin miners received 50 BTC per discovered block, which was cut to 25 BTC after the first halving. The second halving occurred on July 9, 2016, reducing the block subsidy to 12.5 BTC, and the third halving occurred on May 11, 2020, reducing the reward to the current 6.25 Bitcoin per block.
Block 787,500 We are now 75% through the halving cycle!#Bitcoin pic.twitter.com/qtGq7L5TgW
— Clark Moody (@clarkmoody) April 29, 2023
The 75% progress mark occurred at block height 787,500, and as of this writing, there are 52,465 blocks left to be discovered until halving. The Bitcoin halving is expected to occur on or around April 22, 2024, although other estimates may vary by a few days. Currently there are 6.25 Bitcoins per block, so Bitcoin’s annual inflation rate is 1.71%, but after the next halving it is expected to be 0.84%. According to statistics, approximately 900 Bitcoins are created per day, and based on the current BTC exchange rate, miners earn approximately $26,335,800 per day.
The next proof-of-work (PoW) blockchain to experience a reward cut will be the Dash network, but the portion removed is only a reduction and not an official halving. Dash reward reduction will occur within 53 days from now. Litecoin (LTC), on the other hand, will experience its rewards being halved within 95 days from now. The LTC network’s reward will be halved from 12.5 LTC to 6.25 LTC on or about August 3, 2023.
How do you think Bitcoin halving will affect the overall cryptocurrency market? Please share your thoughts in the comments section below.
https://news.bitcoin.com/bitcoin-network-hits-75-progress-towards-next-reward-halving/
