Bitcoin Halving Key Points:
The next halving is scheduled for April 19th, 2024, in the evening US Eastern time. Historically, halving events have been associated with increases in Bitcoin’s price due to reduced supply growth and increased scarcity. A breakout from Bitcoin’s recent $61K-$73K range is anticipated — see the key levels to monitor below!
Understanding the Bitcoin Halving: The Bitcoin Halving (or “Halvening”) is a fundamental aspect of Bitcoin’s monetary policy, embedded in its blockchain protocol by its pseudonymous creator, Satoshi Nakamoto.
This process reduces the block reward — the number of bitcoins awarded to miners for validating transactions and adding a new block to the blockchain — by 50% approximately every four years, or after every 210,000 blocks mined.
Bitcoin Halving: Historical Context and Schedule: The initial block reward was set at 50 bitcoins per block when Bitcoin was launched in 2009. Since then, there have been three halving events:
- November 28, 2012: The reward was reduced to 25 bitcoins.
- July 9, 2016: It decreased to 12.5 bitcoins.
- May 11, 2020: It was further cut to 6.25 bitcoins.
When is the Next Bitcoin Halving? The next halving is projected on April 19th, 2024, in the evening US Eastern time, where the reward will drop to approximately 3.125 bitcoins.
Purpose of the Bitcoin Halving: The primary purpose of halving is to control Bitcoin’s supply, creating a deflationary economic environment. By slowing the rate at which new bitcoins are created, halving helps to maintain scarcity and potentially increase the cryptocurrency’s value, assuming demand remains steady or increases.
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