In the last few days, amid a sharp increase in the Bitcoin hashrate, rumors have arisen about the likelihood of an earlier deadline for the next halving – the reward for mining a block. Recall that hashrate is the value of computing costs to ensure the security of the native network, and BTC halving occurs on average 1 time in 4 years.
From the point of view of the Bitcoin network software, concerns are premature because existing algorithms prevent the halving graph from accelerating. Miners process transactions and struggle to add a new block to the BTC blockchain approximately every 10 minutes. The network algorithm monitors the difficulty level and adjusts it every 2,016 blocks, approximately once every two weeks in order to maintain the blocking time. The algorithm also controls the amount of miners’ remuneration for processing transactions and ensuring network security.
At the launch stage of the network in 2009, miners received 50 BTC for the block mining performed. The amount of this reward is halved every 210,000 blocks and occurs approximately every 4 years.