Bitcoin has just passed block 577,500 - 3/4 of the way to its next halving

24 May, 2019
by Richard Allen
Bitcoin
Bitcoin has just passed block 577,500 - 3/4 of the way to its next halving

With the Bitcoin halvening event just under a year away, where the number of Bitcoins awarded to miners for mining new blocks will be reduced from 12.5 to 6.25 BTC, a Reddit post confirms we’ve just passed block 577,500, meaning we’re ¾ of the way to the next halvening.

Posted by underkuerbis, the user explains that it means we’re now 52,500 blocks away from reaching block 630,000 – the block at which the halvening is expected to take place. This should take about a year, depending on the hash rate.

With the halvening being such a closely-watched event, many have taken to various social media platforms to share their expectations of what Bitcoin will do before and after. Most are extremely bullish, citing huge price rallies after the two previous halvening events.

In an interview with CNBC, crypto fund manager Brian Kelly said, “We are going to hoard Bitcoin at this point in time. We’re not going to sell it. You generally have a rally a year into [a Bitcoin halvening], and a year out of it. And we’re just at the beginning of that stage … a supply cut is generally bullish.”

Additionally, Morgan Creek Digital co-founder and partner, Anthony Pompliano took to Twitter recently to suggest that once the halvening is complete, banks will FOMO into Bitcoin.

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