Bitcoin Miners Reach the Halfway Point to the Next Block Reward Halving Bitcoin News – Bitcoin News

On May 5, 2022, at block height 735,000, the bitcoin mining pool Poolin mined the 105,000th block reward since the last halving. The mined block also represents the halfway point to the next halving that is estimated to take place on or around April 27, 2024. Block 735,000 follows the network issuing over 19 million bitcoin and the hashrate reaching an all-time high three days ago on May 2.

The Bitcoin network is getting closer to the next halving which is estimated to happen on or around April 27, 2024, or 723 days from now. At block height 735,000, the 105,000th block was mined and theres now 105,000 left to go until the next halving. At the time of writing, data shows that theres 104,928 block subsidy rewards left to mine.

Presently, bitcoin miners get 6.25 BTC for a block reward and the fees associated with the confirmed transactions. Poolin earned the 6.25 BTC and 0.16215354 BTC worth of network fees associated with the block rewards 1,487 transactions. The halfway point to the halving follows Bitcoins hashrate all-time high (ATH) recorded on May 2, 2022, at block height 734,577.

On that day, BTCs hashrate reached an ATH at 275.01 exahash per second (EH/s). At the time of writing, the network has 767 blocks left until the next difficulty retarget which is expected to happen on or around May 10, 2022. A difficulty increase of around 5.29% is estimated to happen after the last difficulty change of around 5.56%.

When the next halving occurs, bitcoin miners will see their revenues shaved in half as the block subsidy reward will change from the current 6.25 BTC reward to 3.125 BTC. The current Bitcoin network issuance has an inflation rate of around 1.74% per annum. So far, throughout Bitcoins entire lifetime, only three halvings have occurred.

The first Bitcoin block reward halving took place on November 28, 2012, at block height 210,000. The second halving occurred on July 9, 2016, at block height 420,000, and the third halving event took place on May 11, 2020, at block height 630,000. The next halving thats expected to happen on or around April 27, 2024, will occur at block height 840,000.

The U.S. Federal Reserve and other central banks worldwide like to target a 2% inflation rate per annum, but that has changed a great deal since the Covid-19 pandemic and the monetary supply expansions that took place globally. Bitcoins current inflation rate of 1.74% per annum is much better than the central banks long lost target rate.

When the next halving occurs 105,000 blocks from now, Bitcoins inflation rate will be an estimated 1.1% per annum. Because Bitcoin has a predictable monetary supply, we can also estimate that by the 2028 block subsidy halving, Bitcoins inflation rate will be an estimated 0.5% per annum.

What do you think about reaching the halfway point until the next Bitcoin network halving? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Bitcoin Miners Reach the Halfway Point to the Next Block Reward Halving Bitcoin News - Bitcoin News