Bitcoin Network Hits 75% Progress Towards Next Reward Halving

At 11:06 a.m. Eastern Time (ET) on April 29, 2023, at block top 787,500, the variety of blocks left to find till the subsequent Bitcoin blockchain halving is now fewer than 52,500 blocks. This means the community has progressed 75% by the 210,000-block halving cycle, which is able to finally lead to a discount of the block reward from 6.25 bitcoins per block to three.125 bitcoins per block.

Bitcoin Halving Countdown: Fewer Than 52,500 Blocks Left to Discover

On Saturday morning (ET), the Bitcoin community progressed 75% of the best way towards the subsequent block reward halving, with fewer than 52,500 blocks left to find till the occasion happens. This milestone marks one other step within the ongoing evolution of the Bitcoin community because it progresses towards its eventual most provide of 21 million bitcoins. The Bitcoin blockchain halves its block reward each 210,000 blocks, which happens roughly each 4 years.

▓▓▓▓▓▓▓▓▓▓▓▓░░░ 75%

three hundred and sixty five days and 52503 blocks left

$29385 per #bitcoin

— Progress Until Next Halving (@btc_halving) April 29, 2023

Bitcoin has recorded three halvings up to now, with the primary happening on Nov. 28, 2012. Prior to that date, Bitcoin miners obtained 50 BTC per block found, and after the primary halving, it was reduce to 25 BTC. The second halving occurred on July 9, 2016, slicing the block subsidy all the way down to 12.5 BTC, and the third came about on May 11, 2020, slashing the reward all the way down to the present 6.25 bitcoins per block.

We are 75% by this Halving cycle as of block 787,500!#Bitcoin pic.twitter.com/qtGq7L5TgW

— Clark Moody (@clarkmoody) April 29, 2023

The 75% progress mark occurred at block top 787,500, and on the time of writing, there are 52,465 blocks left to find till the halving. Bitcoin’s halving is anticipated to happen on or round April 22, 2024, whereas different estimates range by just a few days. With 6.25 bitcoins per block as we speak, Bitcoin’s inflation fee per yr is 1.71%, however after the subsequent halving, it’s anticipated to be 0.84%. Statistics present that roughly 900 bitcoins are generated per day, and on the present BTC trade fee, miners accrue roughly $26,335,800 per day.

The subsequent proof-of-work (PoW) blockchain to expertise a reward reduce would be the Dash community, however the fraction eliminated is a discount and never an official halving. The Dash reward discount will happen in lower than 53 days from now. Litecoin (LTC), alternatively, will expertise a reward halving in lower than 95 days from now. The LTC community will see its reward halved from 12.5 LTC to six.25 LTC on or round Aug. 3, 2023.

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