Bitcoin’s hashrate has been running hot despite the lower prices and the recent difficulty increases. In fact, blocks are being discovered faster than the ten-minute block interval average and because of this factor, the network’s reward halving may come sooner than expected. Some halving calculators that rely on the 10-minute average indicate the expected halving in May 2024. However, those who rely on precise block interval times may be surprised to learn the event can occur as soon as March 1st 2024.
Block Intervals show that the halving date could be closer than most people expect
The Merge is what the crypto community has their eyes on, but the Bitcoin network’s hashpower has been greater than expected, which has meant that block intervals have increased. Currently, there’s 244.62 exahash per second (EH/s) dedicated to the blockchain, and on September 4, 2022, it tapped a quick lifetime high at 301.45 EH/sBlock height: 752,510
Bitcoin.com News appeared just before the August 31st deadline reported on how Bitcoin’s block times have been much faster than the ten-minute average. Block times that are longer than the average ten minute block time and continue to be faster in the weeks preceding a difficulty change will indicate an increase in difficulty.
That’s what happened on August 31, when the Bitcoin network PublishedThe second-largest difficulty rise in 2022. Miners did not experience a slowdown due to the difficulty increase. The next difficulty change is scheduled for September 15. Expected increaseAgain, by more than 3 percent.
Block times were much faster than the 10-minute interval, and they occurred on September 11. Block time averageWas less than 8 mins The block discovery speed means that the Bitcoin network may halve sooner than expected. However, the estimate is based on the Don’t forget to enter the data and speeds recorded right now, and there’s still more than a year of time that could change things indefinitely.
Today’s dataFrom bitcoinsensus.com Metrics from nicehash.com indicate Bitcoin’s fourth halving event will take place in March 2024. It is well ahead of the date that’s often used May 3, 2024 estimateThe halving date is calculated using, which uses a ten minute block interval.
Actually, bitcoinsensus.com has two counters. One is based on block times at the moment (8.50 minutes) and one on block averages of ten minutes each. Bitcoinsensus.com predicts that March 2nd 2024 will mark the end of Bitcoin’s halving period based upon actual block times. The Bitcoin block halving will be 509 rather than 598 days from now.
Nicehash.com’s halving counter shows the date could take place on March 1, 2024, or one day before the estimate shown on bitcoinsensus.com’s web portal. Each time 210,00 blocks are mined the reward for each block is reduced by half.
Block reward at the moment is 6.25 BTC/block. Miners will receive 3.125 coins per block after the next halving. A closer halving suggests the price could increase sooner than expected as bitcoin’s value typically rises ahead of the block reward halving.
Do you believe the Bitcoin block halving will happen sooner than predicted? Please comment below to let us know your thoughts on this topic.
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