Next Bitcoin Halving is Probably Less Than a Year Away | What to Expect?
The next bitcoin halving is said to be expected in April 2024 (some are not sure about the exact date), which means we are now less than a year away from the next bitcoin halving.
Roughly, every four years, Bitcoin halving occurs or another 210, 000 blocks are added to the blockchain everytime.
This event of Bitcoin halving cuts the rewards to Bitcoin miners by 50%. Bitcoin halving is donw with the aim of reducing the supply of Bitcoin to the market.
At current situation, Bitcoin miners receive 6.25 BTC for every block they mine successfully. Now, once when the next bitcoin halving occurs the mining rewards will reduce to 3.125 BTC.
Bitcoin supporters say that enhancing Bitcoin scarcity can help push the price of Bitcoin go up. The maximum amount of Bitcoin supply is said to be 21 Million meaning that eventually, miners will receive $0 mining rewards.
1st Bitcoin Halving
The first ever Bitcoin halving occurred in November 28th, 2012 seeing the price of Bitcoin go up to $12.35 from $2.55, according to the figures from CCData.
2nd Bitcoin Halving
The second Bitcoin halving occurred on 9th July, 2016, during which Bitcoin price rallied 142% compared with the twelve months prior, going from $269.14 to $651.83.
3rd Bitcoin Halving
After the third Bitcoin halving that occurred on 11th May, 2020, Bitcoin rallied in the following 546 days and reaching a then all time high of $67,549.14 on 8th November, 2021, according to CCData.
What to Expect From Next Bitcoin Halving?
Bitcoin has a roasting year of 2022 with the collapse of stablecoin TerraUSD, crypto exchange FTX and more.
The rising inflation also is said to have caused investors to flee Bitcoin and other risky assets.
The prices of Bitcoin and other top cryptocurrecies have saw a significant drop in its prices from its all time highs.
Bitcoin’s price at the time right now I am writing this is $26,934.08 which is already down more than 50% from the highs of November, 2021.
This is not a financial advice. Do your own research before taking any investment decision.
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