Bitcoin Halving Expected To Happen On April 20th

Bitcoin Halving Expected To Happen On April 20th

As of Valentine’s Day last month, the Bitcoin halving event looked to be on target for 20th, April. The quadrennial event reduces the rewards that miners earn for supporting the Bitcoin network.

Back then, Bitcoin investors had been hoping for the largest crypto in the market to reach an all-time high value of $69,000.

The date

However, just a week earlier, the halving date seemed to have moved up to April 15th and Bitcoin had already surpassed the $71,000 mark in terms of price.

But, now it appears that the Bitcoin halving date is once more scheduled to take place on April 20th and the price of the crypto token has also declined.

Nonetheless, it remains to be seen if the latest estimate will actually come to pass. The latest target has been estimated after taking into account the latest reports related to Bitcoin.

It should be noted that these estimates are expected to swing and shift even more, as the halving date draws closer.

But, it will get easier to predict the precise date as the actual date approaches. This is because the halving will occur when a certain block number is reached on the Bitcoin blockchain.

The factors

The amount of network activity that takes place on the Bitcoin blockchain will determine when the block will be mined.

It typically takes about 10 minutes for bitcoin blocks to be mined and if that remains applicable, then the halving will occur on April 20th.

However, sometimes the timing also changes, as it could take two minutes between blocks, or it could also increase to 15 minutes.

The halving will happen when the block height reaches 840,000 and the current block height has reached 835,701.

There are approximately 2,700 transactions that are held in a single block, but the block turnaround rises when there is a ton of demand.

When the number of transactions reduces, then things tend to slow down a bit.

Bitcoin network

The Bitcoin network has seen an incredible amount of demand recently, as the spot ETF issuers have been filling up bags of Bitcoin to add to their funds.

Moreover, retail investors have also been buying and selling Bitcoin due to its multiple price milestones and there has also been renewed demand for the NFT-like Bitcoin Ordinals.

This is because people are busy inscribing and trading collectibles and artwork. Therefore, it is entirely possible that the Bitcoin halving may take place on April 20th.

Based on the data at the time of writing, it is the best estimate for the halving event to happen. But, it is likely to change as the fated block draws closer.

There has also been speculation about the impact of the halving on the price of Bitcoin, with some people predicting a rise, while others believe it will decline.

Recently, the price of the pioneer cryptocurrency has experienced a great deal of volatility, after recording a new all-time high value.