Bitcoin Halving Expected on 4/20 Once Again—Here’s Why the Date Keeps Shifting
The Bitcoin halving event, which occurs every four years and reduces the rewards for miners, was initially projected to take place on April 20 (4/20) as of last month. Back then, Bitcoin investors were hoping for a new all-time high price of $69,000. However, just over a week ago, the halving target was moved up to April 15, and Bitcoin had already surpassed its previous all-time price record, reaching $71,000. This shift seemed to have dashed some investors’ hopes. But now, it seems that the Bitcoin halving is back on track for April 20.
Will this latest estimate prove to be accurate? Only time will tell. The latest target date of April 20 comes from Decrypt’s Bitcoin halving tracker, which not only gathers the latest information regarding BTC but also provides a countdown to the estimated time of the halving.
These estimates are likely to continue fluctuating as the actual date approaches, but it should become easier to determine a precise timeframe as we get closer. The halving is set to occur at a specific block number on the Bitcoin blockchain, and the timing of when that block is mined depends on the level of network activity leading up to it.
Typically, Bitcoin blocks are mined at a rate of approximately 10 minutes. If this holds true, then the April 20 estimate should hold. However, sometimes there can be a variance of two minutes or even 15 minutes between blocks.
The halving is scheduled to happen at block height 840,000, regardless of other factors. Currently, the block height is at 835,701. Each block can accommodate approximately 2,700 transactions, but when there is a high demand for network transactions, the block turnover speeds up. Conversely, when transaction volumes are lower, the process may slow down.
Recently, there has been a significant surge in demand for the Bitcoin network. This includes spot ETF issuers accumulating BTC for their funds, retail investors trading around Bitcoin’s various all-time high prices, and the rising interest in Bitcoin Ordinals, which are NFT-like artwork and collectibles.
Could the Bitcoin halving take place on April 20? It is certainly possible, and as of now, it is the best estimate based on available data. However, it is advisable to stay tuned to Decrypt’s Bitcoin halving portal, as the projected date is likely to keep changing as the fateful block draws nearer.