Bitcoin Halving Inches Closer With Less Than 2,900 Blocks Left

The Bitcoin Halving is almost here, with only around 2,900 more blocks until miners’ rewards are reduced by half. This anticipated occurrence, estimated to happen in April, holds importance due to the potential for a dramatic increase in Bitcoin‘s value post-event.

Bitcoin Halving Set For April 19

According to information from Coinwarz, the Bitcoin Halving is predicted to occur around April 19, approximately at Block 840,000. This estimate is calculated based on the average block time of Bitcoin. Consequently, the Halving could happen slightly before or after this date. Nonetheless, it’s essential to note that the production of new Bitcoins for miners will be reduced by half following this event.

The Halving event is a deflationary measure that Bitcoin’s founder, Satoshi Nakamoto, encoded in the flagship crypto and takes place after every 210,000 blocks. Three halving events have occurred since the Genesis block in 2009, when Bitcoin’s first block was mined. The first was on November 28, 2012, when miners’ rewards were cut from 50 BTC to 25 BTC.

The Bitcoin reward for mining was decreased twice so far – once on July 9, 2016, when it went from 25 BTC to 12.5 BTC, and again on May 11, 2020, when it became 6.25 BTC. Presently, the reward is about to be halved once more, bringing it down to approximately 3.125 BTC.

Miners are paid in BTC for verifying new transaction blocks on the blockchain. This process primarily impacts miners, but the larger crypto community keeps a close eye on it because of potential market repercussions. The issuance of new Bitcoins stems from these rewards, and a decrease in them can lead to an increase in Bitcoin’s value.

Historically, Bitcoin’s price has risen following each Halving event. For instance, approximately three months after the first Halving on November 28, 2012, Bitcoin’s value jumped from $12 to a thousand dollars. Within a year of that Halving, Bitcoin experienced an astonishing price increase of over 8,000%.

Bitcoin Halving Inches Closer With Less Than 2,900 Blocks Left

After the second and third Bitcoin halvings in 2016 and 2020, the price of Bitcoin experienced a significant increase within three months of the events. The price jumped from $650 to $2,506 in 2016, while it surged from $8,821 to $56,612 in 2020. One year following these halvings, Bitcoin saw impressive gains with a 284% increase in 2017 and a 559% rise in 2021.

The forecast suggests that Bitcoin’s price will likely surge upward once again following April, fueled by heightened investor optimism. This bullish outlook is reinforced by the persistent increase in demand for Bitcoin despite its shrinking supply.

Currently, Bitcoin is priced approximately $70,400 based on recent market information from CoinMarketCap, reflecting an increase over the past day.

Bitcoin Halving Inches Closer With Less Than 2,900 Blocks Left

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2024-04-02 00:04