Anticipation Builds as Bitcoin Halving Approaches Sooner Than Expected

As Bitcoin’s much-anticipated halving event draws near, the race is on among miners to solve block 840,000. Although it was initially expected to coincide with April 20, 2024, recent data suggests that the milestone may be reached a day earlier, on April 19, due to a sustained high hashrate resulting in faster-than-average block times, according to Bitcoin.com. 

Miners across the globe have ramped up their efforts, leading to block intervals dropping to an average of 9 minutes and 23 seconds, shorter than the typical ten-minute target. This heightened pace comes in the wake of a record-breaking hashrate of 644 EH/s, as recorded by a seven-day average, which currently stands at 634 EH/s.

As miners vie for the chance to mine block 840,000, a significant block that will mark a turning point in Bitcoin’s history, the competitive spirit within the mining community is palpable. The three pools that have previously discovered blocks in the past three halvings—Braiins Pool (formerly Slushpool), F2pool, and Antpool—are all still operational and part of the current competition.

The halving will reduce the block reward from 6.25 BTC to 3.125 BTC, and with each halving event, the price and hashrate have historically climbed significantly. This pattern underscores the exponential growth and robustness of the Bitcoin network over the years.