Bitcoin halving will happen in this month of April 2024 (May 1403). Since halving occurs at block number 840 thousand in the Bitcoin blockchain, it can be predicted that Having in the day 20 April (1st of May).. In this report, we have a comprehensive look at the next bitcoin halving or the 2024 halving.
Bitcoin halving is a very important event in the Bitcoin ecosystem that approx Once every four years occurs This event suddenly halves the reward to miners (Bitcoin miners) for confirming transactions and adding new blocks to the Bitcoin blockchain. Based on the rules embedded in the Bitcoin code, halving is designed to reduce the inflation rate of Bitcoin and increase its value by reducing the supply.
Now, after four years, there is only about a week left until Bitcoin’s fourth halving.
Halfing 2024
Bitcoin halving happens once every 210,000 blocks, so it is expected that the upcoming halving will happen on April 20, 2024 (May 1, 1403); That is, when block number 840,000 is mined in the Bitcoin blockchain. Hence, it is very likely that in The first day of May This month, let’s wait for the halving of the mining reward and the expected Bitcoin halving event.
History of previous bitcoin halvings:
- November 28, 2012
- July 9, 2016
- May 11, 2020
What time will the halving of 2024 take place?
Considering that Bitcoin halving is done at the block height of 840,000 and the estimated time to produce each Bitcoin block ten minutes is, we can guess the exact possible time of Bitcoin halving. Current estimates indicate that around 9:44 a.m. on April 20 (May 1st), we should expect the Bitcoin network to reach the block height of 840,000.
Of course, the hash rate of the Bitcoin network and the mining difficulty index are two variables that determine the speed of block processing and the distance between them. As a result, the exact date and time of Bitcoin halving can be different from the current estimates and these data should be continuously checked and calculated.
What will happen in halving 2024?
In the upcoming bitcoin halving, the reward for extracting each block will be reduced from 6.25 bitcoins to half of this amount, i.e. 3.125 bitcoins.
Halving actually protects the predictability of Bitcoin’s supply and acts as a mechanism to ensure its long-term value. So far, every time a halving has occurred, we have seen a significant impact on the price of Bitcoin. This event serves as a turning point to attract the attention of digital currency investors and analysts.
At the beginning of the Bitcoin network, every ten minutes, 50 Bitcoins were produced by miners. After the first halving in 2012, this figure was halved to 25 units. In the second halving in 2016, this number decreased to 12.5, and in the halving four years ago, we reached 6.25. With the fourth halving, this figure will reach 3.125.
A comprehensive look at the previous halvings
Bitcoin halving was done for the first time on November 28, 2012, and the reward for each block was reduced from 50 bitcoins to 25 bitcoins. The first bitcoin halving occurred at block height 210,000, and at that time more than 10.5 million bitcoins had been mined.
The second bitcoin halving was done on July 9, 2016 (July 19, 2015) and the reward for extracting each block was reduced from 25 bitcoins to 12.5 bitcoins. This bitcoin halving was done at block height 420,000.
The third bitcoin halving was done on May 11, 2020 (May 22, 2019) and the reward for each block increased from 12.5 bitcoins to 6.25 bitcoins. This halving was done at the block height of 630,000.
The fourth, which is the next bitcoin halving, will probably take place on April 20, 2024 (May 1, 1403), and according to that, the reward per block will decrease from 6.25 bitcoins to 3.125 bitcoins. This bitcoin halving will occur at block height 840,000.
The fifth Bitcoin halving is also expected to take place in 2028, when the block height reaches 1,050,000.
Bitcoin halving will continue until the entire supply of 21 million Bitcoin units is mined.
Impact of halving on price and miners
It is not yet clear what effect the next Bitcoin halving will have on the price of Bitcoin. But historically, we have always seen an increase in the price of this digital currency after the Bitcoin halving event. Many leading and famous commentators and analysts believe that Bitcoin halving 2024 will not be an exception to this rule and say that you should wait for the price increase after the Bitcoin halving event.
What is the effect of Bitcoin 2024 halving on miners?
When the Bitcoin halving event takes place in the coming days, the block reward will be halved and it may not be profitable for some users of Bitcoin mining machines to mine Bitcoin. Bitcoin miners may come to the conclusion in their calculations that there is no profit in mining for them due to reduced rewards, electricity and other hardware costs and stop mining.
For this reason, Bitcoin 2024 halving may lead to a decrease in network processing power. But whatever happens after Bitcoin halving, the speed of mining blocks will not be affected because the software automatically adjusts the difficulty of verifying transactions to maintain a constant rate.
How many bitcoins have been mined in total until Bitcoin halving?
At the time of the fourth bitcoin halving event, a total of 19,687,500 bitcoins have been mined. This means that at the time of the next bitcoin halving at the beginning of May, 93.75% of the total supply of 21 million bitcoins has been mined.
How many bitcoins will be mined until the next bitcoin halving event?
After the 2024 Bitcoin halving event, a total of 656,250 more Bitcoins are expected to be mined over the next 4 years. In other words, from the time of the next bitcoin halving until the 2028 bitcoin halving, another 3.125% of the total bitcoin supply is to be mined.
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