The countdown to the next halving event (Bitcoin Halving) is now only one week away or about 1,000 blocks.
The estimated countdown is based on Bitcoin's average block generation time of 10 minutes, setting a potential date of April 20 at approximately 4:00 p.m. Vietnam time, to reach the next block height halving. followed by 840,000, according to the current situation. Bitcoin's next halving event will see the reward paid to miners on the network decrease from 6.25 BTC to 3.125 BTC per block.
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Bitcoin halving is programmed to happen automatically every 210,000 blocks – approximately every 4 years. When the halving event occurs, miners will receive 50% less bitcoin as a subsidy reward for each block of transactions they mine and add to the blockchain. However, they continue to earn additional transaction fee rewards for each block mined as usual.
There have been 3 halving events in Bitcoin's history, which reduced block subsidy inflation from 50 BTC to 25 BTC in 2012, then to 12.5 BTC in 2016, and 6.25 BTC at the halving. finally on May 11, 2020. Ultimately, there will be 21 million bitcoins in existence.
Halving events will continue until the last bitcoin is expected to be mined around 2140. After that, miners will only earn from transaction fees.
Bitcoin mining difficulty hits all-time high in final adjustment before halving
Bitcoin mining difficulty rose 3.9% this week to hit a new all-time high in the final adjustment before the halving as miners appeared to increase hash rate. of them in preparation for the reward reduction.
Bitcoin mining difficulty measures how difficult it is to mine a new block, adjusting every 2016 block – approximately two weeks – to ensure that, on average, a new block is found every 10 minutes, regardless of how many miners are actively mining. The higher the difficulty, the more computing power a miner needs to find the next block.
Bitcoin's hash rate, which measures the total computing power dedicated to the network by miners, has hit a new seven-day moving average all-time high of 629.75 EH/s before correction difficulty on Wednesday.
While miners' revenue also increased this year amid rising bitcoin prices, it remains to be seen how much of an impact the halving will have on less efficient mining operations.
