Coinspeaker
Next Bitcoin Halving Approaches with 800,000th Block Mined
The Bitcoin network has crossed another milestone in its history after a user mined its 800,000th block on July 24, 2023. With only 40,000 blocks left until the next Bitcoin halving, the halving event is expected to occur in late 2024.
What Is Bitcoin Halving?
The Bitcoin network is designed to have a halving event every 210,000 blocks, or roughly every four years. The halving is intended for controling Bitcoin inflation and ensuring its scarcity and value increase over time. With every block added, the Bitcoin network makes it harder for scammers and hackers to tamper with previous blocks. It also provides an on-chain record of how transactions take place.
While there is a reward for mining, it reduces by half after every halving event. From 50 BTC as a block reward at Genesis, the mining reward has reduced to 25, 12.5, and 6.25 in 2012, 2016, and 2020, respectively. Likewise, the current mining reward of 6.25 bi
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