Business

Bitcoin Celebrates Halfway To Halving With New Hash Rate Record

Bitcoin (BTC) marks a mining milestone on Thursday, crossing halfway on its way to its next halving event.

In block number 735,000, mined at around 10:29 UTC, Bitcoin crossed halfway to the next halving. The block was mined by Poolin and brought in 0.16215354 BTC ($6,402.45) in fees.

Halvings occur every 210,000 blocks, and May 5 marks the transition point into the second leg of 105,000 blocks. For some Bitcoiners, such as B. Samson Mow, the bitcoiner who pioneered the adoption of bitcoin by the nation state, the halving is a reminder to stack more SATs:

The halving cycle is a unique device surrounding Bitcoin’s issuance rate. As Cointelegraph Cryptopedia explains, “As a result of the halving cycle, the supply of available bitcoin is decreasing, increasing the value of bitcoins yet to be mined.”

The halving is key in determining bitcoin supply — which recently surpassed the 19 million milestone mark — and issuance rate, which currently stands at 6.25 new BTC every roughly 10 minutes. Essentially, about $250,000 worth of BTC is minted with each new block.

blank

The next halving is scheduled to take place in April 2024, and the previous halving took place on May 11, 2020, when Bitcoin entered its fourth “epoch”. The system will continue until around 2140 when the last bitcoin is mined.

The issue price and the “supply shock” that accompanies the halving have a significant impact on the price:

blank

As shown in the box above, since the 2012 halving, bitcoin price has increased by a factor of 100 to reach the previous halving price. At current price levels around the $40,000 mark, the price has quadrupled again.

Related: Happy Birthday Hal Finney: The crypto community honors the world’s first known bitcoiner

With the typical Bitcoin “Honey Badger” sovereignty, the decentralized peer-to-peer electronic cash system also set a new record: The mining hash rate reached an all-time high.

blank
Bitcoin hash rate keeps increasing. Source: Glassnode

The hash rate hit 249.1 exahashes per second (EH/s) overnight on May 4, surpassing the previous all-time high by 1 exahash. With the hash rate constantly hitting new highs, bitcoin security — as these computers or “miners” work to secure the network — has essentially never been stronger.

Halfway to a halving and another ATH for hash rate; It’s another small celebration for Bitcoin amid mini-bear market woes.