- The Bitcoin block halving will occur around 11 May, which is fewer than 10,000 blocks away
The highly anticipated Bitcoin block halving will occur at block 630,000. As of this writing the Bitcoin blockchain is already at block 620,300, meaning that the Bitcoin block halving is now only 9,700 blocks away.
Block halvings occur roughly every 4 years, and when the block halving arrives the Bitcoin block reward is cut in half. In this specific case, the Bitcoin block reward will drop from 12.5 Bitcoins to 6.25 Bitcoins. The Bitcoin market is looking forward to this event because it will reduce the supply of freshly mined Bitcoins, which should theoretically cause a Bitcoin rally according to the law of supply and demand. Indeed, a major Bitcoin rally has occurred after each of the past block halvings.
A Bitcoin block occurs every 10 minutes, so it will take 97,000 minutes for the block halving to occur, which is 67 days, although this can vary slightly due to fluctuations in the mining hash rate. An estimate projects that the block halving will occur on 11 May.
BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.
Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews
Image Courtesy: Pixabay