Bitcoin has now successfully undergone its fourth halving event, with miners’ block rewards slashed in half again (from 6.25 to 3.125 BTC). The Bitcoin halving (also called “the halvening”) is programmed to occur every 210,000 blocks – roughly every 4 years.
With miners set to receive 50% fewer BTC, the speed of Bitcoin creation might also be slowed down. Miners will now produce 450 BTC per day compared with a every day production average of 900 BTC prior to the halving.
The previous three halvings occurred in 2012, 2016, and 2020, significantly reducing mining rewards over the past decade. In 2012, the first halving event saw the reward for mining a block drop from 50 to 25 BTC.
While the latest Bitcoin halving occurred at a block height of 840,000, the following one is anticipated at a block height of 1,050,000 (almost actually in the first quarter of 2028). The halvening will proceed until around 2140 when the last Bitcoin is mined.
How Will Bitcoin Halving Impact The Crypto Space?
This Bitcoin halving was considered one among the most-anticipated events of 2024 inside the cryptocurrency industry. Specifically, key players inside the BTC mining industry have been preparing for this event, considering its apparent effect on their major strategy of revenue.
As reported on Bitcoinist weeks ago, several Bitcoin miners within the US have been attempting to regulate to the brand latest life following the Bitcoin halving. The report mentioned how these firms are moving their old mining equipment out of the US and upgrading to more efficient ones to make certain they proceed to be profitable.
Furthermore, there have been wide and interesting speculations on how probably the most recent occurrence of the halvening would impact the worth of Bitcoin. From a historical perspective, the premier cryptocurrency tends to put in a positive price performance in the midst of the halving 12 months.
Consequently, the crypto community has seen several audacious and daring bullish projections for the worth of Bitcoin this 12 months. Notably, Jan3 and Bitcoiner CEO Samson Mow believes BTC could rise to as high as $1 million following the halving event.
On the an identical time, there have also been some bearish outlooks for the market leader post-halving. Specifically, leading investment bank JPMorgan has predicted that Bitcoin could decline to $42,000 after halving resulting from increased production costs and mining difficulties.
Although Bitcoin has struggled to duplicate its positive Q1 performance over the past few weeks, investors may be hoping that the halving event may be enough of a catalyst for the cryptocurrency to fulfill its early promise. Meanwhile, enthusiasts will expect the fresh optimism to spread to the broader crypto market, propelling other major assets to the upside.
Bitcoin Price At A Glance
As of this writing, the Bitcoin price stands at around $63,526, reflecting a 2.6% increase so far 24 hours.
Bitcoin price at $63,655 on the every day timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView