Bitcoin halving, a process where the rewards miners receive for supporting the network are cut in half, was initially expected to take place on April 20. Bitcoin investors were hopeful for a new all-time high price of $69,000. However, the halving target was moved up to April 15, and Bitcoin had already surpassed its all-time price mark by reaching $71,000. Despite these changes, the Bitcoin halving is now projected to happen on April 20 once again.
The exact date of the halving may continue to change as we approach the event, but as the time draws nearer, it will become easier to predict. The halving will occur at a specific block number on the Bitcoin blockchain, and the timing of when that block is mined depends on the level of network activity. Bitcoin blocks are typically mined at a rate of around 10 minutes, but this time frame can vary.
The halving is scheduled to take place at block height 840,000, regardless of other factors. Currently, the block height is 835,701, and each block can hold approximately 2,700 transactions. The speed at which blocks are mined can be influenced by the amount of activity on the network.
There has been a surge in demand for the Bitcoin network recently, with spot ETF issuers purchasing BTC for their funds, retail investors engaging in trading around Bitcoin’s price milestones, and the popularity of Bitcoin Ordinals, where artwork and collectibles are created and traded as NFTs.
The likelihood of the Bitcoin halving occurring on April 20 is uncertain, but it remains a possibility based on the available data. It is important to stay updated on Decrypt’s Bitcoin halving portal for the latest information, as the predicted date may continue to change as the halving event approaches.
