BitMEX Research, a division of the international cryptocurrency exchange BitMEX, provides detailed information on the upcoming Bitcoin halving event.
Fourth Bitcoin (BTC) halving will be special: BitMEX
The forthcoming Bitcoin (BTC) halving is expected to occur earlier than the previous three, according to BitMEX Research’s announcement on Twitter. Specifically, it will take place approximately two-thirds of the way through the current difficulty adjustment period.
The fourth halving is scheduled to take place approximately two-thirds of the way through the difficulty adjustment process.
— BitMEX Research (@BitMEXResearch) April 19, 2024
Researchers have observed that the block reward is reduced by half approximately every 210,000 blocks in the Bitcoin network, while mining difficulty undergoes adjustments roughly every 2,016 blocks.
In other words, every six halvings, Bitcoin’s mining difficulty will be adjusted for the first time in the year 2032.
In approximately 10 hours, the fourth Bitcoin halving is projected to occur. According to current predictions, this event is scheduled for April 20, 2024, around 2:34 a.m (Coordinated Universal Time).
Bitwise CEO foresees “impactful” 2024 halving
Every four years, the Bitcoin network cuts in half the amount of new Bitcoins that are created, reducing the production by 50%.
Some experts and Bitcoin supporters believe that this development could significantly boost the price of Bitcoin, as it makes the cryptocurrency even more scarce.
In simpler terms, many investors may be underestimating the impact of the upcoming halving event. Previously, markets have failed to fully account for this occurrence beforehand, and it is unlikely that they will do so now. Following the last three halvings, here’s a look at what unfolded in the year following each event.
— Hunter Horsley (@HHorsley) April 19, 2024
According to CEO Hunter Horsley of Bitwise, although the impact of Bitcoin’s halving on the network may have lessened as it becomes more mature, this significant event is still expected to bring about meaningful changes in its token economics.
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2024-04-19 19:04