Current Block Times Suggest Bitcoin Halving Is Coming Sooner Than Expected – Bitcoin News Spotlight

Bitcoin’s hashrate has warmed despite lower prices and recent increases in difficulty. In fact, blocks are discovered faster than the ten-minute block interval average, and due to this factor, the network reward halving may come sooner than expected. While some half-life counters that simply leverage the ten-minute average note, the halving is scheduled for May or April 2024, half-life counters that leverage precise lockout interval times show that the halving event could occur as early as March 1. 2024.

The block intervals show that the halving date could be much closer than most expectations

While the cryptocurrency community is focused on The Merge, the hash power behind the Bitcoin network has been higher than usual, which has accelerated block intervals. Currently, there are 244.62 exahashes per second (EH / s) dedicated to the blockchain and, on September 4, 2022, it hit a fast life peak at 301.45 EH / s at the height of block 752.510.

The current block times suggest that the Bitcoin halving is coming sooner than expected
Bitcoin block times were well below the ten-minute average, meaning blocks are found faster.

Shortly before the end of August, Bitcoin.com News reported on how Bitcoin’s block times were much faster than the ten-minute average. When block times are faster than the ten-minute average and remain consistently faster during the two weeks leading up to a change in difficulty, the turn will increase in difficulty.

That’s what happened on August 31, when the Bitcoin network printed the second largest difficulty increase in 2022. The difficulty increase has not slowed miners and the next difficulty change, scheduled for September 15, is estimated on the rise always more than 3%.

The current block times suggest that the Bitcoin halving is coming sooner than expected
According to bitcoinsensus.com data, the halving is expected to take place on March 2, 2024 or 509 days from now.

Lockout times were much faster than the ten-minute interval and on September 11 the average blocking time it was less than eight minutes. The speed of block detection meant that the halving of the Bitcoin network could come much sooner than expected. However, the estimate is based on the data and speeds recorded at this time, and there is still more than a year that could turn things around indefinitely.

Of today data from bitcoinsensus.com and metric from nicehash.com indicate that the fourth Bitcoin halving event will take place in March 2024. The date is well before that often used Estimate of May 3, 2024which uses a block interval of ten minutes to calculate the halving date.

Bitcoinsensus.com shows two counters, one based on the current block times (8.50 minutes) and one based on the average of ten minutes per block. Bitcoinsensus.com estimates that the current halving date, based on actual block times, will be March 2, 2024. So instead of 598 days away, the Bitcoin block halving is estimated to be 509 days away.

The Nicehash.com halving counter shows that the date could be March 1, 2024, which is one day before the estimate shown on the bitcoinsensus.com web portal. Each time 210,000 blocks are mined, the block reward is halved.

The current block times suggest that the Bitcoin halving is coming sooner than expected
Block reward halving over time.

The current block reward is 6.25 BTC per block and at the time of the next halving, miners will receive 3,125 coins per block after the halving. A closer halving suggests that the price may rise sooner than expected as bitcoin’s value typically rises before the block reward halves.

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What do you think of the Bitcoin block halving coming sooner than expected? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the News Lead of Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News on the disruptive protocols emerging today.




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