Bitcoin Hash Rate Hits All-Time High

Bitcoin Hash Rate Hits All-Time High

Bitcoin Hash Rate Hits All-Time High: The hash rate for Bitcoin has risen to a brand-new record high of 281.79 million. It is now anticipated that the second BTC halving will occur as early as Q4 2023.

Bitcoin Hash Rate Hits All-Time High

Next Bitcoin Halving Projected for Q4 2023:

  • As a result of the hash rate reaching a new record high, the date for the subsequent halving of bitcoin has increased. On September 11, the bitcoin hash rate reached a raw value of 281.79 million, which shows that more users are joining and is encouraging for the network’s health.
  • The projected date for the halving was May 2024, but at the present rate, it will happen in the final quarter of 2023.
  • Every time bitcoin is halved, which occurs after mining 210,000 blocks, the rewards given to miners are halved as well. More blocks are being mined as more miners are on board, which advances the timing of the halving.
  • The bitcoin block rewards will be halving once more to 3.125 bitcoins. Until 2140, when it is anticipating that all 21 million bitcoins will have been mining, the halving process will still be in effect. As a result, the network is deflationary, and supporters claim that this will cause the asset’s value to rise over time.

Bitcoin halving date edges closer

  • The next halving will occur in about 1.5 years. But if the current rate continues, it might shorten that period by a few months. The block height will be halving at 840,000 blocks, which is where it is now (753,742).
  • To great fanfare, the previous halving occurred in May 2020. Between that occurrence and the halving in 2016, the amount of bitcoin trades surged by 50 times. There was some worry that the halving might leding to less involvement from the miners, but those worries were allaying.

Numbers looking good

  • The fact that Bitcoin has surpassed the $21,000 threshold is encouraging for the commodity. According to reports, mining revenue fell below $1 billion for the fourth straight month, although the overall mood was positive.
  • The average transaction fee for bitcoin jumped by 647% after the previous halving. Despite the fact that here is still a long way to go before the next halving and despite the recent market bearishness. Investors are usually optimistic about the future of the asset.

Also Read: Advice For Success in The Crypto Industry

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