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Bitcoin Hash Rate Hits All-Time High, Next Bitcoin Halving Projected for Q4 2023 - BeInCrypto

Bitcoin’s hash rate has hit a new all-time high of 281.79 million. The next BTC halving is now projected to take place as early as Q4 2023

The date for the next bitcoin halving has been pulled forward as the hash rate has hit a new all-time high. The bitcoin hash rate hit a raw value of 281.79 million on Sept. 11, which indicates that more people are jumping on board and is a good sign for the health of the network. The halving date was expected sometime in May of 2024, but at current levels, it is slated for the last quarter of 2023.

The rewards distribution for miners halves with every bitcoin halving, and this event happens after every 210,000 blocks are mined. With more miners on board, more blocks are being mined, which pulls the halving date forward.

The next halving will reduce the bitcoin block rewards to 3.125 bitcoins. The whole halving process will continue until the year 2140 when it is estimated that all 21 million bitcoins will be mined.

※ What is a Bitcoin block halving event?
Block halving events happen every 4 years or 210,000 blocks on Bitcoin blockchain. Bitcoin's initial block reward was 50 BTC. The current block reward is 6.25 BTC, the next block reward will be 3.125 BTC. This lowers the rate at which Bitcoins are generated. The halving is periodical and is programmed into Bitcoin's code.