Bitcoin Sets A New Hash Rate Record Halfway To Halving

2022-05-05 | Selina Mathew

Bitcoin Sets A New Hash Rate Record Halfway To Halving

Since the last halving, the Bitcoin hash rate has reached another all-time high, with the 105,000th block being mined, marking the halfway point to the next halving.

On Thursday, Bitcoin (BTC) reached a significant milestone in its mining journey, passing the halfway point on its path to the second halving.

Bitcoin reached the halfway mark to the second halving in Block 735,000, mined at roughly 10:29 UTC. Poolin mined the block and received 0.16215354 BTC ($6,402.45) in fees. Every 210,00 blocks, a halving occurs, and May 5 marks the start of the second leg of 105,000 blocks. The halving serves as a reminder to certain Bitcoiners, such as Samson Mow, the Bitcoiner who pioneered Bitcoin nation-state adoption:

The halving cycle is a one-of-a-kind technology that encircles the rate of Bitcoin issuance. "As a result of the halving cycle, the quantity of usable Bitcoin drops, enhancing the value of Bitcoins still to be mined," the Cointelegraph Cryptopedia states.

The halving is crucial in deciding the supply of Bitcoin, which just passed the 19 million level, as well as the issuance rate, which is now at 6.25 new BTC every 10 minutes. With each new block, around $250,000 worth of BTC is created.

The next halving is scheduled for April 2024, with the previous halving taking place on May 11th, 2020, when Bitcoin reached its fourth "epoch." The mechanism will run until the final Bitcoin is mined around 2140.


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