Poolin’s bitcoin mining pool mined 105,000th block rewards since the previous halving on May 5, 2022. Block height was 735,000 at the time. It also marks the halfway point of the next halving which is scheduled to be around April 27, 2024. Following the release of over 19 million bitcoins, block 735,000 is the result of the hashrate hitting an all time high three days earlier on May 2.
Block 735,000: Halfway towards the Next Halving
Bitcoin’s next halving is approaching. It is expected to occur around April 27th 2024 or in 723 days. At block height 735,000, the 105,000th block was mined and there’s now 105,000 left to go until the next halving. At the time of writing, data shows that there’s 104,928 block subsidy rewards left to mine.
Bitcoin miners currently receive 6.25 BTC as a block reward, and fees for confirmed transactions. Poolin earned the 6.25 BTC and 0.16215354 BTC worth of network fees associated with the block reward’s 1,487 transactions. The halfway point to the halving follows Bitcoin’s hashrate all-time high (ATH) recorded on May 2, 2022, at block height 734,577.
On that day, BTC’s hashrate reached an ATH at 275.01 exahash per second (EH/s). As of the writing date, 767 blocks remain before the next difficulty reset which is anticipated to occur on May 10, 2022. The difficulty will increase by approximately 5.6% after the previous difficulty change.
Bitcoin miners will have their revenue cut in half when the next halving takes place. The block subsidy reward, which currently stands at 6.25 BTC, will be increased to 3.125 BTC. At the moment, Bitcoin’s inflation rate is around 1.74 percent per year. So far, throughout Bitcoin’s entire lifetime, only three halvings have occurred.
The Next Bitcoin Halving will Occur in Block Height 840,000 by 2024
At block height 210,00, the first Bitcoin reward halving occurred on November 28, 2012. At block height 421,000, the second halving took place July 9, 2016. The third was held on May 11, 2020 at block height 630,000. The next halving that’s expected to happen on or around April 27, 2024, will occur at block height 840,000.
While the U.S. Federal Reserve (and other global central banks) like to see a 2.2% inflation rate annually, this has been greatly affected by the Covid-19 pandemic infected and subsequent increases in monetary supplies. Bitcoin’s current inflation rate of 1.74% per annum is much better than the central bank’s long lost target rate.
When the next halving occurs 105,000 blocks from now, Bitcoin’s 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, Bitcoin’s inflation rate will be an estimated 0.5% per annum.
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