Next Bitcoin Halving Scheduled for April 2024, Why It Matters

Bitcoin, the first cryptocurrency ever invented, is the most expensive crypto-asset currently dominating the sector since its inception in 2009. At the time of its creation, its anonymous creator named Satoshi Nakamoto limited the total supply of Bitcoin. At 21 million tokens. It basically means no more. Bitcoin If the number of bitcoins in supply reaches 21 million, tokens will be generated. To prevent this from happening, ‘bitcoin halving’ occurs at regular intervals.

Bitcoin halving occurs after every 210,000 blocks are mined on the Bitcoin blockchain. After halving, the block reward that is obtained Miner is halved – this reduces their incentive to mine Bitcoin blocks and slows the addition of new coins to the network. The halving process happens roughly every three to four years – about how long it takes to mine 210,000 blocks on the Bitcoin blockchain. After the creation of Bitcoin in 2009, the first halving took place in 2012. At that time, the reward for mining Bitcoin went from 50 BTC to 25 BTC.

In the second and third halvings, which took place in 2016 and 2020, the incentive for BTC mining went from 25 BTC to its current value of 6.25 BTC. Butt Panda Keeps track of Bitcoin’s halving date.

With Bitcoin currently trading at $42,812 (roughly Rs. 35.5 lakh), 6.25 BTC is worth $269,465 (roughly Rs. 2 crore) — the prized value for Bitcoin miners. In total, the bitcoin halving event is only going to happen 64 times – as described in the coding that was compiled by Satoshi Nakamoto.

The Significance of Bitcoin Declining in 2024

With about two months to go, market analysts predict that the price of Bitcoin will rise, leading to a rise in the rate of many other cryptocurrencies. The year after the halving is when BTC makes the most growth in value.

In April of this year, the total number of mined Bitcoin blocks will reach 840,000. With this, the BTC reward price for miners can drop to 3.125 BTC or $133,956 (roughly Rs. 1.1 crore).

Bitget said in a recent study that investors’ predictions about the fourth half of bitcoin’s price seem to vary across markets. Around 53 percent of investors globally believe the price will fluctuate between $30,000 (roughly Rs. 24.8 lakh) and $60,000 (roughly Rs. 49.7 lakh), while 30 percent believe it will break the $60,000 mark. will

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