On May 5, 2022, at a block height of 735,000, bitcoin mining pool Poolin mined the 105,000th block reward since the last halving. The mined block also represents the halfway point of the next halving which is expected to take place on or around April 27, 2024. Block 735,000 follows the network issuing over 19 million bitcoins and the hashrate hitting an all-time high three days ago in May. 2.
Block 735,000: Halfway to next halving
The Bitcoin network is approaching the next halving which is expected to occur on or around April 27, 2024, which is 723 days from now. At a block height of 735,000, the 105,000th block has been mined and there are now 105,000 left until the next halving. At the time of writing, data shows there are 104,928 block grant awards left to tap.
Currently, bitcoin miners receive 6.25 BTC for a block reward and fees associated with confirmed transactions. Poolin earned 6.25 BTC and 0.16215354 BTC in network fees associated with the 1,487 Block Reward transactions. The halfway point of the halving follows Bitcoin’s (ATH) hashrate record set on May 2, 2022, at a block height of 734,577.
On that day, BTC’s hashrate reached an ATH of 275.01 exahash per second (EH/s). As of this writing, there are 767 blocks left in the network until the next difficulty retargeting which is expected to take place on or around May 10, 2022. A difficulty increase of approximately 5.29% is estimated to occur after the last difficulty change of about 5.56%. .
During the next halving, bitcoin miners will see their earnings cut in half as the block grant reward will increase from the current reward of 6.25 BTC to 3.125 BTC. The current Bitcoin network issue has an inflation rate of around 1.74% per year. So far, throughout Bitcoin’s lifetime, only three halvings have occurred.
The next Bitcoin Halving will take place at a block height of 840,000 in 2024
The first Bitcoin block reward halving took place on November 28, 2012, at a block height of 210,000. The second halving took place on July 9, 2016, at a block height of 420,000, and the third halving took place on May 11, 2020, at a block height of 630,000. The next halving that is expected to take place on or around April 27, 2024 will take place at a block height of 840,000.
The US Federal Reserve and other central banks around the world like to aim for an inflation rate of 2% per year, but that has changed a lot since the Covid-19 pandemic and the money supply expansions that have taken place in worldwide. Bitcoin’s current inflation rate of 1.74% per year is much better than the central bank’s long-lost target rate.
When the next halving takes place in 105,000 blocks, Bitcoin’s inflation rate will be estimated at 1.1% per year. Because Bitcoin has a predictable monetary supply, we can also estimate that by the time the 2028 block subsidy halves, Bitcoin’s inflation rate will be estimated at 0.5% per year.
How do you feel about reaching halfway to the next bitcoin network halving? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.