Bitcoin is getting closer to its next “reward halving.” Right now, it’s about 75% of the way there

On April 29th, 2023, at a certain time, the Bitcoin network reached a point where there are now less than 52,500 blocks left until the next “reward halving.” This is a cycle of 210,000 blocks, and when it’s done, the amount of Bitcoin given as a reward for discovering each block will be cut in half from 6.25 to 3.125. Right now, the network is 75% of the way through this cycle.

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There are less than 52,500 blocks left until the next “reward halving” for Bitcoin:

On Saturday morning (Eastern Time), Bitcoin got closer to its next “reward halving.” It’s now about 75% of the way there, with less than 52,500 blocks left to discover before it happens. This is an important step for Bitcoin as it gets closer to its maximum limit of 21 million bitcoins. The block reward for Bitcoin is cut in half every 210,000 blocks, which happens around every four years.

Bitcoin has gone through three “reward halvings” in the past. The first one happened on November 28th, 2012. Before that, miners would get 50 bitcoins for each block they discovered. After the first halving, it was cut to 25 bitcoins per block. The second halving happened on July 9th, 2016, and the reward was reduced to 12.5 bitcoins per block. The third halving happened on May 11th, 2020, and it cut the reward down to the current amount of 6.25 bitcoins per block.

The Bitcoin network has reached 75% progress towards its next block reward halving, with less than 52,500 blocks left to discover. The halving will reduce the block reward from 6.25 BTC to 3.125 BTC. Bitcoin has undergone three halvings before, with the first one happening in 2012. After each halving, the block subsidy was cut, reducing the rate of new Bitcoin supply. The current halving is expected to occur around April 22, 2024, and will reduce the Bitcoin inflation rate to 0.84%. Miners currently generate around 900 BTC per day, valued at approximately $26,335,800.

In less than 53 days from now, the Dash network will undergo a reward reduction, which is not an official halving. The Litecoin network, on the other hand, will experience an official reward halving in less than 95 days from now, which will take place on or around August 3, 2023. The current reward of 12.5 LTC will be cut in half to 6.25 LTC after the halving.