As we approach the conclusion of the third epoch, the countdown to the next Bitcoin halving is firmly underway. The halving (also known as the “Halvening”) is one of the most important and innovative features of Bitcoin. Every 10 minutes, the Bitcoin network issues new bitcoin and approximately every four years (every 210,000 blocks, to be precise) the amount issued (the “block subsidy”) is cut in half. The block subsidy is the reward miners receive for validating and recording new transactions on the blockchain.

The halving of the block subsidy is a critical factor in bitcoin’s eventual capped supply of 21 million bitcoin. In addition, miners also collect transaction fees that users attach to their transactions to encourage miners to include them in the next block. Therefore miners often earn more bitcoin for mining a block than just the subsidy. .

WHEN IS THE NEXT BITCOIN HALVING?

The next Bitcoin halving is anticipated to take place on April 20, 2024 EST, reducing the block reward from 6.25 to 3.125 BTC. This halving period — or epoch — will increase the supply by 164,250 bitcoin (from 19,687,500 to 20,671,875), a mere 328,124 bitcoin from the maximum supply limit of 21 million.

TO CALCULATE THE NEXT HALVING DATE

Determine the block interval: While it’s true that Bitcoin’s block time (the time between each block) is approximately 10 minutes, the time can vary slightly due to hash rate and network adjustments.

Find the current block height: You need to know the current block height, which you can find on various blockchain explorer websites or directly from your Bitcoin node if you’re running one.

Calculate the blocks remaining until the next halving: Bitcoin’s halving occurs every 210,000 blocks. Subtract the current block height from the next halving block height.

Calculate the estimated time remaining: Multiply the number of blocks remaining by the approximate block interval (in seconds) to estimate the time remaining until the next halving.