Bitcoin celebrates midway towards the halving with new hash rate record

Bitcoin (BTC) marks a milestone mining journey on Thursday, crossing the midway point in order to its next halving. 

In Block number 735,000, found at roughly 10:29 UTC, Bitcoin entered the midway point to another halving. The block was found by Poolin, earning 0.16215354 BTC ($6,402.45) in charges. 

Halvings occur every 210,00 blocks, and could 5 marks the mix-over point in to the second leg of 105,000 blocks. For many Bitcoiners, for example Samson Mow, the Bitcoiner pioneering Bitcoin nation-condition adoption, the halving is really a indication to stack more SATs:

The halving cycle is really a unique device that envelops the Bitcoin issuance rate. Because the Cointelegraph Cryptopedia explains, “As due to the halving cycle, the availability of accessible Bitcoin decreases, raising the need for Bitcoins not yet been found.” 

The halving is type in figuring out the availability of Bitcoin –which lately entered the milestone 19 million mark– and also the issuance rate, presently at 6.25 new BTC per roughly ten minutes. Essentially, roughly $250,000 price of BTC is minted with each and every new block.

The following halving is a result of occur in April 2024, and also the previous halving happened on eleventh May 2020 as Bitcoin joined its 4th “epoch.” The machine continues until roughly 2140 once the last Bitcoin is found.

The issuance rate and also the “supply shock” that comes with the halving possess a significant effect on the cost:

As proven within the box above, the Bitcoin cost has elevated with a factor of 100 because the 2012 halving to achieve the prior halving cost. With current cost levels round the $40,000 mark, the cost has been doing another 4x. 

Related: Happy birthday, Hal Finney: Crypto community honors world’s first known Bitcoiner

With typical Bitcoin “honey badger” aplomb, the decentralized peer-to-peer electronic cash system also struck a brand new record: the mining hash rate hit an exciting-time high.

Bitcoin hash rate keeps soaring greater and greater. Source: Glassnode

The hash rate hit 249.1 exahashes per second (EH/s) overnight on May fourth, pipping the previous all-time high by 1 exahash. Essentially, using the hash rate consistently setting new highs, Bitcoin security–as these computers or ‘miners’ try to secure the network–has never been more powerful.

Midway to some halving and the other ATH for that hash rate it’s another small celebration for Bitcoin amongst small bear market woes.

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