The progress towards the Bitcoin block reward halving has crossed 60%, as suggested by the countdown statistics, based on the average block generation time of an estimated 10 minutes.
Analysts expect the Bitcoin halving to occur in 2023, considering the data in relevance to the block generation time wherein, as stated, the average block generation time was leveraged at 10 minutes. Still, the countdown that leveraged the most recent block intervals was around 7:65 minutes.
The Bitcoin hash rate in the current times has seen fluctuations however has maintained high values, with October 5th witnessing all-time high rates even touching 321.15 EH/s and the mining at the block heights of 757,214. This suggests that the block intervals are faster and more rapid than usual, lying under the usual 10 minutes average.
It is said that the mining algorithm depends upon the speed of discovery of the previous 2,016 blocks, and adjustments are accordingly made. Hence the lower block intervals suggest a growing difficulty to be witnessed in the coming days. As of October 9th, the block time interval was estimated at 8.443 EH/s compared to October 8th, which was estimated at 6.838 EH/s which stands valid in context to the expected difficulty on or around October 10th, as said in our previous article.
Sources suggest that with the current trend of block time intervals, it can be expected that the Bitcoin halving can be expected to take place around December 19th, 2023; however, based on the ten minute-average of block time interval, the Bitcoin halving can occur around April 2024 to May 2024.
However, in any case, the progress towards the next Bitcoin halving has exceeded the 60% bar. As a consequence of the next Bitcoin halving, the miners’ rewards would be reduced from 6.25 BTC to 3.125 BTC- suggesting a loss to the miners in the coming days.