bitcoin now has btc-halving” target=”_blank” rel=”noopener nofollow”>successfully passed its fourth halving event, with miners' block rewards halved again (from 6.25 to 3.125 btc). The bitcoin halving (also called a “halving”) is scheduled to occur every 210,000 blocks, approximately every four years.
Since miners will receive 50% less btc, the rate of bitcoin creation will also slow down. Miners will now produce 450 btc per day compared to an average daily production of 900 btc before the halving.
The previous three halvings occurred in 2012, 2016, and 2020, significantly reducing mining rewards over the past decade. In 2012, in the first halving event, the reward for mining a block dropped from 50 to 25 btc.
While the last bitcoin halving occurred at a block height of 840,000, the next one is expected at a block height of 1,050,000 (most likely in the first quarter of 2028). The halving will continue until around 2140, when the last bitcoin is mined.
How will the bitcoin halving affect the crypto space?
This bitcoin halving was one of the most anticipated events of 2024 in the cryptocurrency industry. Specifically, key players in the btc mining industry have been preparing for this event, considering its apparent effect on their primary means of income.
As informed about Bitcoinist For weeks now, several bitcoin miners in the United States have been trying to adapt to new life after the bitcoin halving. The report mentions how these companies are moving their old mining equipment out of the US and upgrading to more efficient ones to ensure they remain profitable.
Furthermore, there has been extensive and interesting speculation about how the latest halving would affect the price of bitcoin. From a historical perspective, the leading cryptocurrency tends to have positive price performance during the halving year.
As a result, the crypto community has seen several bold and bold bullish projections for the price of bitcoin this year. Notably, Samson Mow, CEO of Jan3 and Bitcoiner, believes that btc could rise as high as $1 million after the halving event.
At the same time, there have also been some bearish outlooks for the market leader post-halving. Specifically, leading investment bank JPMorgan has predicted that bitcoin could fall to $42,000 after halving due to rising production costs and mining difficulties.
Although bitcoin has struggled to replicate its positive first-quarter performance in recent weeks, investors are hoping the halving event will be enough of a catalyst for the cryptocurrency to deliver on its initial promise. Meanwhile, enthusiasts will hope that the new optimism spreads to the broader crypto market, driving other major assets higher.
bitcoin price at a glance
At the time of writing, the price of bitcoin is around $63,526, reflecting a 2.6% increase in the last 24 hours.
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bitcoin price at $63,655 on the daily timeframe | Source: BTCUSDT chart on x/JWWfxB9f/" target="_blank" rel="noopener nofollow">TradingView
Featured image from iStock, chart from TradingView
