The next Bitcoin halving is estimated to take place on April 20. This means miners will get 3.125 Bitcoins instead of 6.25 per block they mine.
Let’s find out what this means in detail below:
What is Bitcoin Halving?
- The concept of “halving” in the context of Bitcoin refers to the method of reducing miners’ payments by 50%. So, during a Bitcoin halving, the quantity of new Bitcoins that miners earn for confirming transactions and creating new blocks to the network is cut in half.
- Bitcoin halving is a recurring event that takes place when every 210,000 blocks are added to the Bitcoin blockchain. Given that it takes around 10 minutes to mine one block, this event happens every four years with different Bitcoin halving dates.
- This essentially reduces the rate at which new Bitcoins are generated and issued onto the market. Thus, the Bitcoin halving 2024 will serve to regulate the quantity of new Bitcoins, which is important for preserving the value of Bitcoin and preventing inflation.
When Is Bitcoin Halving 2024?
The Bitcoin halving dates for this year are now known.
Bitcoin halving 2024 is predicted to take place on April 20 of this year.
In the last halving in May 2020, the BTC was lowered to 6.25.
This year the BTC is expected to drop from 6.25 to 3.125.
Halving Bitcoin mining payouts does not inevitably result in fewer revenues for miners. This is because the value of bitcoin earned can rise. The bitcoin halving is meant to reduce supply and enhance scarcity, potentially raising the price of bitcoin.
Already, Bitcoin’s price has risen from $46,000 in January to $68,000 in March. Bitcoin’s market capitalization reached a record $1.3 trillion.
Because of short-term price volatility on the worldwide effect of the bitcoin drop phase, there are certain difficulties with the impact of decreased supply and attracting additional investors. Price hikes and media coverage of major events can help boost Bitcoin adoption.
That’s all about Bitcoin Halving 2024 from our side!
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Disclaimer: This post is intended solely for informational purposes and should not be taken as legal, tax, investment, financial, or any other form of advice. Although all the information provided is true to the best of our knowledge, it is advisable to research well before making any kind of investments or decisions in general. The team of ReadingCrypto bears no responsibility in the event of any adverse outcomes.
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