Bitcoin is 2,900 blocks short of the appellate halving
The next Bitcoin halving is already on the horizon: this event is approaching with every mined block, and, according to estimates, it will occur between April 18 and April 22, 2024 at around 840.00 0 blocks. After this, the reward for mining a block will be halved from 6.25 BTC to 3.125 BTC. This article discusses the important aspects of the fourth Bitcoin halving. How to get through the inevitable reduction in rewards Currently, there are less than 2900 blocks left until the new Bitcoin halving. To understand the essence of this mechanism, it will first be useful to study how new bitcoins appear. First of all, let's take a look at the Bitcoin mining process. Participants in this process are miners who verify blocks with transactions awaiting confirmation. In an effort to earn rewards in Bitcoin, miners participate in a type of competition, applying their computing power in a method called “Proof of Work” ( PoW). After successfully detecting a block and verifying held transactions, miners receive a reward of 6.25 new bitcoins, and they also receive a commission for each processed translation On average, a block is detected every ten minutes, but this figure may vary.
Bitcoin halving, initially built into the network mechanism, is designed to regulate the supply of currency and occurs every 210,000 blocks or approximately once every four years. From the very beginning, when Satoshi Nakamoto introduced the Bitcoin protocol, until November 28, 2012, miners received 50 BTC for each discovered block. This reward was then halved to 25 BTC per block. After the next 210,000 blocks, each of which was also mined in about ten minutes, on July 9, 2016, the reward decreased again and was already 12.5 bitcoins. The previous halving, which took place on May 11, 2020, reduced the block reward to the current figure of 6.25 bitcoins. The countdown to the fourth halving will end after a new 210,000 blocks are discovered from the moment the 630,000th block was mined, as a result of which the blockchain Bitcoin will already exist for 840,000 blocks. Based on the data and the average block creation time, we can say with reasonable confidence that the halving will occur around April 20th. Due to the fact that blocks are currently being mined a little faster, an important event for the Bitcoin network may move to April 17 or even an earlier date. As the halving approaches, right up to the last block, the forecast becomes more and more accurate. After the halving, miners' rewards will be halved from 6.25 to 3.125 BTC per block, as a result of which the amount of daily rewards will drop from the current figure of 900 BTC to 450 B TC. Based on the current Bitcoin rate (from $69.5 thousand to $70.4 thousand), the daily income of miners will decrease from $62.72 million to $31.36 million. In fact, the main function of halving is to reduce the risk mining rewards are doubled every four years, and this has a much greater impact on miners than on the average Bitcoin user or holder. This reduction may destabilize the network hashrate while miners evaluate the profitability of their activities
Constantly adding a fixed amount of new coins is similar to how gold miners spend resources adding gold into circulation. In our case, processor time and electricity are wasted, it is written in the white pages of Bitcoin.
For most, halving is an event that can be observed from afar and tracked online using a countdown that foreshadows the inevitable slowdown in the release of bitcoins. opoe introduces a deflationary element into the economic structure of the asset. Considering that Bitcoin is a worldwide and boundless phenomenon, halving is observed in different time zones and celebrated all over the world. Meanwhile, miners face a strategic challenge to modernize their equipment and possibly expand operations to mitigate the impact of the 50 percent wow income reduction.
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