- Block 630,000 has successfully been mined, reducing the block reward from 12.5 BTC to 6.25 BTC
- The next Bitcoin halving will occur on block 840,000 in 2024.
The highly anticipated halving event has concluded (at least for the next 4 years). Antpool has successfully produced block 630,000 as of 19:25 UTC May 11th.
2024 Bitcoin Halving
Bitcoin’s block reward halves every 210,000 blocks (~ four years). Prior to today, the last halving occurred in 2016 at block 420,000. Following today’s halving at block 630,000, the next halving event will occur in mid-2024. The 2024 halving will also be the year in which Bitcoin turns 15.
The 2024 halving will further decrease Bitcoin’s annual inflation rate. As reported by The Crypto Associate, Bitcoin’s inflation rate is now 1.8%, half the global average. The 2024 Bitcoin halving will further decrease the inflation rate below 1%. This will be boon for Bitcoin’s value proposition as a hedge against hyperinflation.
Bitcoin Lightning Network
In addition to the next halving, nearly four years away, Bitcoin is still under active development. The largest cryptocurrency has faced numerous scalability issues over the years. With a max TPS (transaction per second) capacity of only 7 transactions per second, the cryptocurrency is often regarded as slow and inefficient.
The Lightning Network has been in development for several years. will signficantly reduce Bitcoin transaction fees as well as exponentially increase Bitcoin’s scalability. The Lightning Network will also enable instant transactions, countering Bitcoin’s current 10 minute block time.
However, the network is still in its early stages and isn’t used by the majority of Bitcoin users. With the possibility of adoption growing in the future, Bitcoin may become faster and cheaper to use.
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