Another Bitcoin halving may occur next year
Preparing for the next bitcoin halving: On-chain data suggests possibility of event as early as next year"
According to the latest on-chain data, preparations for the next Bitcoin halving have already been completed in 60%. The time of adding new blocks to the network suggests that the BTC network may be split as early as next year. Although most portals related to the cryptocurrency market forecast another halving at the stage of 2024, taking into account generally available data, it cannot be ruled out that it will occur earlier than planned. Currently, the reward paid to miners is 6.25 BTC for a single block and is to be reduced to 3.125 BTC. Many experts see this as an opportunity that the entire network may receive a new boost of energy.
The Bitcoin network is approaching the next halving faster and faster
According to generally available statistics based on the average time of generating subsequent BTC blocks, which is about ten minutes, the progress towards the next halving of the oldest cryptocurrency has already exceeded 60%.
Faster intervals between successive blocks therefore suggest that Bitcoin may be halved as early as 2023, and not as originally assumed in 2024.
The easiest way to explain it is based on the data which shows that at the level of 757,214 block, mined on October 5, 2022, the total network hashrate determined a new ATH, which was 321.15 EH / s. Thus, the current time intervals between individual BTC blocks indicate the generation of new Bitcoin blocks every 7.65 minutes, which suggests that halving may occur as early as 2023.
The speed with which successive blocks are created and the current time intervals between them, however, do not take into account the October increase in the level of mining difficulty.
The next change in the difficulty of obtaining BTC is to take place in the coming days, but if the time needed to generate new blocks still remains below 10 minutes, then halving should occur in 2023.
Statistics from the popular website bitcoinsensus.com indicate that at the current time of less than 8 minutes per block, halving may take place around December 19, 2023.
At this stage, however, it is highly advisable to bear in mind that despite the high speed of generating new blocks in the Bitcoin network, miners can slow down at any time, especially in the context of another change in difficulty. According to Blocksbridge Consulting, current BTC prices and rising electricity costs may discourage a significant number of miners from continuing mining.
