At present, Bitcoin is priced at $67,416, representing a 4.6% drop over the last 24 hours. The upcoming bitcoin halving event, an significant milestone, is drawing near. Based on our Bitcoin Halving Counter data, this event is now only about a week away, or roughly 996 blocks from happening.
Bitcoin’s rewards for miners are cut in half every approximately 4 years, or after mining 210,000 blocks. This reduction, called a halving, lessens the reward from 6.25 bitcoins to 3.125 bitcoins per block mined.
As the highly anticipated Bitcoin event approaches, the mining difficulty has reached an all-time high, increasing by 3.9% in the most recent adjustment. This suggests that miners are enhancing their computational abilities to adapt to the impending decrease in rewards. The network’s hash rate, representing its overall processing power, has also attained unprecedented levels of 629.75 EH/s.
Previous Bitcoin halvings have led to market turbulence and price surges. However, it’s yet to be determined how this will affect miners and the entire network in the long run. Regardless, this occurrence reaffirms Bitcoin’s unwavering dedication to its programmed digital scarcity.
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2024-04-13 13:40