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Bitcoin is Celebrating the Halving

The Bitcoin hash rate reached another all-time high. The 105,000th block was generated since the last halving, marking the halfway point to the next halving.

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On Thursday, Bitcoin (BTC) reached a significant mining milestone, passing the halfway point on its path to the second halving. Bitcoin reached the halfway mark to the next halving with Block 735,000. This was mined at roughly 10:29 UTC. Poolin mined the block, earning 0.16215354 BTC ($6,402.45) in fees.

Every 210,00 blocks, a halving occurs. 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 acceptance.

A halving cycle is a one-of-a-kind gadget that encircles the Bitcoin supply rate. According to the Cointelegraph Cryptopedia, “the quantity of accessible Bitcoin drops as a result of the halving cycle, enhancing the value of Bitcoins still to be mined.”

The halving is critical in deciding the quantity of Bitcoin. It recently passed the 19 million barriers and the issuance rate, which is now at 6.25 new BTC every 10 minutes. Around $250,000 worth of BTC is generated.

The next half is scheduled for April 2024, with the previous halving occurring on May 11, 2020, when Bitcoin reached its fourth “epoch.” The system will run until the final Bitcoin is mined, which will happen around 2140.

The issuance rate, as well as the “supply shock” associated with the halving, have a substantial influence on the price.

The mining hash rate for the decentralized peer-to-peer electronic payment system also reached an all-time high. On May 4th, the hash rate reached 249.1 exahashes per second (EH/s), surpassing the previous all-time record by one exahash. In essence, with the hash rate continually breaking new records, Bitcoin security–as these computers, or “miners,” labor to safeguard the network–has never been stronger.

Halfway to a halving and another ATH for the hash rate; another little victory for Bitcoin in the face of mini-bear market troubles.

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