of Bitcoin halving is coming, with less than 2,900 blocks remaining Miners' rewards will be cut in half. This event, scheduled to be held in April, has the following important meanings. bitcoin price Once that happens, you're likely to enjoy a parabolic rise.
Bitcoin halving is set for April 19th
data From Coinwarz, Bitcoin halving is scheduled to take place on April 19th in the 840,000 block.This prediction is based on the current value of Bitcoin average block timeThis means the half-life could be a little earlier, or even after April 19th. However, the main focus remains that the supply of miners will be halved.
The halving event is an anti-deflation measure. Bitcoin founder Satoshi Nakamoto, encoded with the flagship cipher and executed every 210,000 blocks. Since then, three halving events have occurred. genesis block In 2009, when the first block of Bitcoin was mined. The first was on November 28, 2012, when miner rewards were reduced from 50 BTC to 25 BTC.
The next halving event will be held on July 9, 2016. miner's reward Up to 12.5BTC. The third time occurred on May 11, 2020, and the reward was reduced to 6.25 BTC. Now, the miner reward will be cut in half again, reducing it to 3.125 BTC.
This reward is the amount of BTC that miners receive for validating each block of new transactions on the blockchain. Although this event mainly affects miners, it is being closely watched by the crypto community as it could have ripple effects on the market. Bitcoin supply It is earned through the rewards of these miners, and the value of Bitcoin typically increases as the rewards decrease.
Bitcoin’s Performance After Each Halving
Halvings have historically always led to an increase in the price of Bitcoin. 90 days later, first halving On November 28, 2012, the price of Bitcoin rose from $12 during the halving to $1,000. Then, the price of Bitcoin rose more than 8,000% a year after the halving.
Source: MilkRoad
This parabolic price increase occurred again after the second time. Third half-life event, Bitcoin prices rose from $650 and $8,821 (at the time of the halving) to $2,506 and $56,612 (90 days after the halving) in 2016 and 2020, respectively. Bitcoin also rose 284% and 559% a year after the event.
Just as Bitcoin will again, it is not expected to be any different this time. predicted A significant rise is expected from April onwards.This bullish sentiment grows stronger Bitcoin demandprices continue to soar in the face of dwindling supply.
At the time of writing, Bitcoin is trading around $70,400 and has risen over the past 24 hours, according to. data From CoinMarketCap.
BTC price struggles ahead of halving | Source: BTCUSD on Tradingview.com
Featured image from 99Bitcoins, chart from Tradingview.com
