According to current statistics, the Bitcoin network is less than 56,000 blocks and less than 400 days away from the next reward halving. After the next halving, the block reward will be reduced by 50%, and the current block subsidy of 6.25 bitcoins will be reduced to 3,125 bitcoins per block after the halving. In addition to Bitcoin’s halving getting closer, the Litecoin network is expected to see a block reward halving this year around August 3rd.
Bitcoin reward halving inches closer; Litecoin is expected to lower its block reward in August
As of March 29, 2023, there are 395 days left until the next Bitcoin halving, which is scheduled to occur between April 21-28, 2024, at a block interval rate of ten minutes per block. Currently, there are less than 56,000 blocks it is left to mine until the block reward subsidy is halved. Depending on the speeds of the blocks, the estimated date for April could change.
The Bitcoin network halves its block reward for every 210,000 blocks mined, and if blocks are mined at an average rate of around ten minutes, each halving takes place roughly every four years. The first halving took place on November 28, 2012, at block 210,000. The next bounty halving occurred on July 9, 2016, and another on May 11, 2020. After the April 2024 halving, the fifth halving is expected to occur in 2028. .
using today’s BTC exchange rates, the current reward of 6.25 BTC, not counting network fees, is just over $177,000 per block. If the price of BTC remains the same when the reward is halved to 3,125 bitcoins, the block reward is valued at $88,500 per block. Of course, bitcoin miners and network participants expect BTCthe price to increase at the time the next halving occurs.
Regardless of BTCAt that point, miners’ income will be cut in half and will have to be adjusted accordingly. Bitcoin’s annual inflation rate is currently 1.71% and after the next halving event it will drop to 0.84%. During the last 2016 mined blocks, the metrics show that the average hash rate of the network was around 338.3 exahash per second (EH/s) and recently the hash rate reached 400 EH/s.
While the Bitcoin halving is expected to happen in less than 400 days, the Litecoin reward halving is My dear to happen this year. according to the current LTC block times, Litecoin network will be halved on August 3, 2023. Litecoin rewards will be reduced from 12.5 LTC at 6.25 LTCand there are approximately 11.4 million LTC blocks left to mine. Although not halved, the Dash network is expected to see a reward reduction in 84 days, based on current statistics. After the reduction, the reward will be reduced from 2,763 DASH to 2,566 DASH.
What do you think about the upcoming halving of the Bitcoin blockchain? Let us know what you think about this topic in the comments section below.
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