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Bitcoin's Block Time Continues to Increase. How Will It Affect BTC Halving?

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Fri, 03/20/2020 - 14:20
Alex Dovbnya
Bitcoin's block time has been increasing for two days straight, delaying the highly-anticipated halving event
Cover image via stock.adobe.com
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According to data provided by crypto research firm CoinMetrics, Bitcoin's block time has been on the rise for two days in a row. This means that the much-anticipated reward halving might arrive a bit later if the slowdown persists. 

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Bitcoin (BTC) Miners May Start Quitting, Expect Hash Rate to Drop: Crypto Manager

7,700 more blocks 

Each Bitcoin block contains about 1 MB of transaction data. Miners confirm them roughly every 10 minutes by solving complex computational math problems. In return, they get the reward that currently stands at 12.5 BTC per block. 

At press time, 7,700 more blocks need to be confirmed before the next halving occurs in about 63 days. They will be added to the blockchain that represents a complete history of all transactions.    

CoinMetrics shows that some blocks on the network now take up to 90 minutes to find.

Related
98 Percent of Bitcoin (BTC) Mining Rigs to Become Obsolete

The big debate 

Confirmation times usually spike in lockstep with the price. During the peak of the Bitcoin boom in December 2017, it could take hours to make one transaction when the memory pool became full. Users also have to pay enormous fees on top of that.

Bitcoin Cash (BCH) and Bitcoin SV (BSV) tried to solve this problem by increasing their block size to 8 MB and 128 MB respectively, but these forks have a major trade-off -- centralization. 

 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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