The Bitcoin network reached 75% of the next block reward halving on Saturday morning, thus leaving less than 52,500 blocks to find before the event takes place.
The Bitcoin Network Has Reached 75% of the Next Reward Halving
The announcement that progress has reached 75% was made by a tweet from a Twitter account called “Progress Until Next Halving,” which was opened for the halving countdown.
As the Bitcoin network moves closer to its ultimate maximum supply of 21 million bitcoins, this milestone represents another development in the network’s ongoing evolution. Every 210,000 blocks, or roughly every four years, the Bitcoin blockchain cuts in half the block reward.
Halvings of Bitcoin
There have been three Bitcoin halves so far, with the first occurring on November 28, 2012. Bitcoin miners used to receive 50 BTC for each block they found before that day, but after the initial halving, they only got 25 BTC. On July 9, 2016, the block subsidy was reduced by half to 12.5 BTC. On May 11, 2020, a third halving reduced the block reward by half again to the current 6.25 BTC.
Current Halving and Some Statistics
While other predictions vary by a few days, the expected date for the halving of current Bitcoin is on or near April 22, 2024. At 6.25 bitcoins per block today, the annual inflation rate for Bitcoin is 1.71%. However, after the subsequent halving, it is anticipated to drop to 0.84%. According to statistics, about 900 Bitcoins are produced per day, and at the current BTC exchange rate, miners earn about $26,335,800 every day.
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