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Bitcoin miners are halfway through the next block reward halving cycle

The Bitcoin network is approaching its next halving, which is expected on or around April 27, 2024, or 723 days from now. The 105,000th block was mined at block height 735,000, leaving 105,000 blocks until the next halving. Data shows that there are 104,928 block subsidy awards to mine as of this writing.

Bitcoin miners currently receive 6.25 BTC in exchange for a block reward and the fees associated with confirmed transactions. Poolin received 6.25 BTC and 0.16215354 BTC in network fees for the 1,487 transactions in the block reward. Bitcoin’s hashrate all-time high (ATH) was on the halfway point of the halving.

Bitcoin’s hashrate all-time high (ATH) was on May 2, 2022, at block height 734,577, marking the halfway point to the halving.

BTC’s hashrate peaked at 275.01 exahash per second (EH/s) on that day. The network now has 767 blocks till the next difficulty retarget, which is to occur on or around May 10, 2022. After the recent difficulty shift of roughly 5.56 percent, a difficulty rise of around 5.29 percent is to come.

Bitcoin miners will have their profits halve when the next halving occurs, as the block subsidy incentive will be down from 6.25 BTC to 3.125 BTC.

The current inflation rate on the Bitcoin network is roughly 1.74 percent each year. Only three halvings have taken place in the whole history of Bitcoin.

In 2024, the next Bitcoin halving will occur at Block Height 840,000.

On November 28, 2012, at block height 210,000, the first Bitcoin block reward halving occurred. On July 9, 2016, at block height 420,000. The second halving occurred, and on May 11, 2020, at block height 630,000. The third halving occurred. The next halving is for April 27, 2024, and will take place at block height 840,000.

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