The hash rate of popular decentralized digital currency; Bitcoin, has now hit a new all time high of 281.79 million. With the news the next Bitcoin (BTC) halving is now being projected to happen or occur as soon as the fourth (4th) quarter of next year; 2023.
While the occurrence has now led to the date for Bitcoin (BTC)’s next halving being projected to begi earlier than previously expected, it is also an indication of the fact that more and more people worldwide are beginning to join the Bitcoin train. It also alludes to the increasing health of the network.
The next Bitcoin (BTC) halving was initially projected to occur sometime around May 2024, before the current projection of the fourth (4th) quarter of 2023.
Popular institutional crypto data terminal TheTie made it known via its official Twitter account that, “As Bitcoin Hashrate rises up to all time highs, there’s an important second order effect to remember: The Halving. Before this, it was expected for 2024, but now the projected date for the next $BTC halving has been moved to Q4’23.”
During every Bitcoin (BTC) halving, the rewards distribution for miners of the cryptocurrency get halved when a total of 210,000 blocks have been mined.
When more miners join the network, more blocks get mined. This means that the halving date would occur sooner than expected.
Once the next halving takes place the rewards for Bitcoin (BTC) blocks, will reduce to 3.125 Bitcoins. The halving process will continue to take place at intervals until 2140 when it is projected that all the 21 million would have been mined at that time.
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This means that the Bitcoin (BTC) network is deflationary in nature. It is believed that this will lead to the value of the cryptocurrency will continue to increase gradually.
Although the new projections put the next Bitcoin (BTC) halving at around one and a half years from now, it could occur even sooner if the current harsh rate continues by as much as a couple of more months.
As it stands, the block height is 753,742 and the next halving will occur at a block height of 840,000.
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The previous Bitcoin (BTC) halving occurred back in May of 2020. Between that halving and the previous one that took place in 2016 the trading volume for Bitcoin increased by fifty (50) times. While there were initially some concerns that the halving would lead to lesser participation from miners, it had a different outcome.
Bitcoin has in the past one (1) month, moved between 18,600 United States Dollars (USD) (which is around 2.24 million Kenyan Shillings) and 24,165 United States Dollars (USD) (which is around 2.91 million Kenyan Shillings). While reports revealed that the mining revenue dropped below 1 billion United States Dollars (USD) (which is around 120.4 billion Kenyan Shillings), the general feeling continues to stay solid.
After the Bitcoin (BTC) halving that occurred in May of 2020 the average transaction fee for Bitcoin rose by 647 percent.
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Bitcoin investors continue to have a strong belief in the future of the Cryptocurrency even though it is currently experiencing a Bear market.
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