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On May 5, 2022, at an altitude of 735,000 blocks, Bitcoin mining pool Pulin dug 105,000th block prize since the last half. The excavated block also represents the next half point which is expected to occur on or around April 27, 2024. Block 735,000 followed the network issuing 19 million bitcoins, and three days ago in May the hashtag reached an all-time high of 2.
Block 735,000: Half way to the next Halving
The Bitcoin network is moving closer to the next half which is expected to happen on April 27, 2024 or 723 days from now. At 735,000 blocks, the 105,000th block was excavated and there are 105,000 left to go to the next half. At the time of writing, the data shows that I have 104,928 block subsidy rewards left.
Currently, Bitcoin Mines receives 6.25 BTC for a block reward and fees related to guaranteed transactions. The Pulin Block Prize earned a network fee of 6.25 BTC and 0.16215354 BTC associated with 1,487 transactions. Half a point of halftime follows Bitcoin’s hashrate all-time high (ATH) which was recorded on May 2, 2022, the block height of 734,577.
That day, BTC’s hashtag reached an ATH of 275.01 xHz per second (EH / s). At the time of writing, there are 767 blocks left in the network until the next problem is retracted, which is expected to happen on or around May 10, 2022. An increase of about 5.29% difficulty is estimated to occur after the last difficulty change of about 5.56%.
If the next half happens, Bitcoin miners will see their income halved as the block subsidy reward will change from the current 6.25 BTC reward to 3.125 BTC. The current Bitcoin network issue has an inflation rate of about 1.74% per year. So far, over the entire lifetime of Bitcoin, only three halves have occurred.
The next bitcoin will occur at the block height of 840,000 in 2024
Half of the first Bitcoin Block Awards took place on November 28, 2012, at a block height of 210,000. The second half occurred on July 9, 2016, at a block height of 420,000, and the third half occurred on May 11, 2020, at a block height of 630,000. The next half, which is expected to take place on or around April 27, 2024, will occur at 840,000 in the block height.
The US Federal Reserve and other central banks around the world want to see an annual inflation rate of 2%, but this has changed considerably since the Covid-19 epidemic and the expansion of the global financial supply. Bitcoin’s current inflation rate of 1.74% per annum is much better than the central bank’s long losing target.
When the next half is 105,000 blocks from now on, the inflation rate of Bitcoin will be approximately 1.1% annually. Since Bitcoin has a predictable financial supply, we can also assume that by 2028 block subsidies halved, the inflation rate of Bitcoin will be approximately 0.5% annually.
What do you think about reaching the halfway point until the next bitcoin network is halved? Let us know what you think about this topic in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
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