Halving could be quicker than expected: 10 blocks in 47 minutes

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Tokeneo
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1 min reading

The median time of transaction confirmation decreased significantly on the day when halving bitcoin is estimated. If the rate will be kept, halving will take place earlier than expected.

halving quicker

10 Blocks mined in 47 minutes

According to information from Blockchain.com, new blocks are generated much faster. Blocks 629952 to 629961 were extracted in 47 minutes, which means that one block was added every 4.7 minutes. 

Recent blocks before the 2020 halving, Recent blocks before the 2020 halving, source: Blockcahin.com The median time to confirm the transaction has dropped significantly compared to the previous day.

Median Bitcoin Block Time SOURCE: Blockchain.com

As can be seen in the chart above, today's average time for the block was about 5.3 minutes compared to 13.2 minutes yesterday and 14.2 minutes two days ago.

As we reported earlier, Bitcoin transaction fees increased by over 300%. This means that users are willing to pay more to prioritize their transactions. The number of unconfirmed transactions has also increased.

The total volume of transactions pending confirmation has also fallen significantly over the last 24 hours, which may be associated with shorter production times for the block

Halving will come quicker than expected

Although there is no fixed date for halving, the estimated moment is approaching faster than expected. This is a direct consequence of the faster bitcoin mining time - the faster the bitcoin is extracted, the faster block 630,000 will be reached.

It is interesting whether halving will be followed by any significant change in basic Bitcoin network metrics.