The long-awaited Bitcoin halving in the bustling cryptocurrency scene has now taken place. This significant occurrence, which happens every four years, has generated immense excitement and become a popular discussion on social media, amassing over 109,000 posts on platform X alone.
The Bitcoin halving occurs when 210,000 blocks have been validated. In our latest occurrence, this milestone was reached last night, marking the fourth halving event in Bitcoin’s history. An intriguing aspect of Bitcoin’s past is that the first halving occurred on November 28, 2012, the second ended on July 9, 2016, and the third transpired on May 11. Consequently, the fourth halving took place on May 19, 2024.
The Bitcoin mining reward was reduced to 3.125 BTC following the halving event, down from the prior reward of 6.25 BTC. However, this wasn’t the only significant change that occurred on that day.
In this blog, let us discuss the highlights of the Bitcoin Halving 2024.
Bitcoin Halving Highlights
Around 8:09 p.m. Eastern Time (5:39 a.m. Indian Standard Time) on this past Friday, the Bitcoin Halving process started. This event automatically adjusted the reward for mining new blocks to 3.125 Bitcoins every 10 minutes. The 840,000th block in the Bitcoin network was mined by ViaBTC, granting them an increased reward of approximately 40 Bitcoins, equivalent to around $2.6 million.
The #Bitcoin halving is complete!
Miners now receive 3.125 Bitcoin per block that’s produced.
Bitcoin Block 840,000 PAID 3 MILLION DOLLARS in fees to the miner who produced it
— Rajat Soni, CFA (@rajatsonifnance) April 20, 2024
The massive reward was generated primarily from the block subsidy and transaction fees, which were unexpectedly larger compared to the past block validation processes.
Just prior to the halving event, the last miner was paid 7 bitcoins, equivalent to approximately $450,000, as a reward for validating a block. The reasons behind this smaller reward are unclear, but it’s believed that there was high demand from investors for Bitcoin transactions at that moment in time.
During Bitcoin’s early stages, validators were given 50 Bitcoins as a reward. This reward amount has decreased with each passing halving event. In the first halving, the reward was reduced to 25 Bitcoins; it dropped further to 12.5 Bitcoins in the second event, then to 6.25 Bitcoins in the third event, and finally, 3.125 Bitcoins were given as a reward in the fourth halving event.
The next Bitcoin halving will happen in 2028, and the BTC reward will reach the 1.5625 mark.
How Bitcoin Halving Impacted The Bitcoin price
During the Bitcoin halving, the price had reached roughly $65,000. Since then, it has experienced a small decrease and currently sits at $64,103.13. Its market capitalization now totals $1.26 trillion, which is less than the value reported the previous day.
Some cryptocurrency experts predict that the price may drop further over the next few days. This is due to miners potentially selling off coins en masse to recoup their losses as mining rewards decrease.
In simple terms, the Bitcoin price hasn’t changed during or following its last halving. However, historical data indicates that prices typically rise or a bull market begins after a halving event. Based on this trend, we might expect another price surge around September-October, potentially triggering a new bull run by next year. Looking back, a bull market has started approximately 518-546 days after the previous halving.
#BTC
When Could Bitcoin Peak In This Bull Market?
Historically, Bitcoin has peaked in its Bull Market 518-546 days after the Halving (Chart 1)
This is how typical Bitcoin Halving Cycles have progressed
So if history repeats…
Next Bull Market peak may occur 518-546 days…
— Rekt Capital (@rektcapital) April 19, 2024
Bitcoin continues to be profitable with its price increasing over 120% in the past year. Notably, leaders in the financial tech industry, such as Bitwise CEO, anticipate that Bitcoin’s value will exceed $100,000 by the end of this year.
Conclusion
Instead of “More than the day of Bitcoin halving, investors have waited for a bullish market condition, but that will take several months to a year to materialize,” you could say:
In the coming months, we’ll need to observe the impact of the upcoming bitcoin halving and the potential approval of a Bitcoin Spot ETF on the cryptocurrency market.
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2024-04-20 13:42