When Will the Bitcoin Halving Occur in 2024 and Price Predictions?

After three and a half years since the last Bitcoin halving, investors, filled with excitement and high expectations, are eagerly awaiting the next Bitcoin halving set to occur in 2024.

The Bitcoin halving, occurring approximately every four years, involves a 50% reduction in the reward for mining new bitcoins. Based on Bitcoin’s history, these events have traditionally had a positive impact on its price.

πŸ’‘πŸ“…As we approach the next halving, questions such as “When will the Bitcoin halving occur in 2024?” and “How is this date determined?” linger in the minds of investors and enthusiasts. In this article from Crypto Hovel, we will provide answers to these questions.

When will the Bitcoin Halving 2024 occur?

Given the current mining speed of Bitcoin, the next halving is expected to take place around April 18, 2024, approximately 4 to 5 months from now. However, due to ongoing changes in hash rate and network difficulty fluctuations affecting block times, pinpointing the exact date of the next Bitcoin halving remains challenging.

In general, the Bitcoin halving is a planned and anti-inflationary event, occurring after every 210,000 blocks are mined. The timing of this event is roughly once every four years, corresponding to the time it takes to add about 210,000 new blocks to the Bitcoin blockchain. The third Bitcoin halving took place in 2020.

The reward for Bitcoin mining per block was initially 50 bitcoins at its inception in 2009. Through the phenomenon of halving, this reward has been halved over four periods. The fourth Bitcoin halving occurred in 2020, and currently, in 2023, the reward for Bitcoin mining stands at 6.25 bitcoins.

To date, slightly over 19.3 million bitcoins have been mined, with less than 1.7 million BTC remaining for extraction. Following each halving, the daily issuance of bitcoins decreases. Considering that approximately 144 blocks are mined per day on average.

After the next halving event, the number of bitcoins received by miners in a single day will decrease from 900 to 450. Implementing such a mechanism ensures a reduction in the supply of bitcoins over time, a fundamental aspect of the Bitcoin network’s monetary policy.

β³πŸ“ˆTo track the remaining blocks until the Bitcoin halving in real-time, you can visit the Clark Moody Bitcoin website.

HalvingDate of occurrenceRewards for mining per block before each halving Rewards for mining per block after each halving
First HalvingNovember 28, 201250 BTC25 BTC
Second HalvingJuly 9, 201625 BTC12.5 BTC
Third HalvingMay 11, 202012.5 BTC6.25 BTC
Fourth HalvingApril 20246.25 BTC3.125 BTC

Impact of the Bitcoin Halving 2024

Impact of the Bitcoin Halving

The Bitcoin halving is a significant phenomenon in the cryptocurrency world, with noticeable effects on Bitcoin. One notable impact of the fourth Bitcoin halving is the increased difficulty of the mining process. The reduction in mining rewards and heightened competition among miners lead to an increased network difficulty for mining each block.

These changes were clearly observed in the recent Halving in 2020, and following the 2024 Halving, it is probable that, due to miners’ increased computational power requirements, the network’s hash rate for Bitcoin will also experience an upsurge.

Furthermore, the Halving has a significant impact on the price of Bitcoin and even on the entire cryptocurrency market. In past cycles, the value of Bitcoin has experienced its lowest price range in the year leading up to the Halving event. However, after the Halving, which results in a halving of the Bitcoin supply, this has consistently triggered a bullish rally in its price. Therefore, it is possible that the year 2024 will not be an exception to this rule.

Conclusion

According to calculations, in approximately 4 months, the cycle of 210,000 new blocks for Bitcoin will be completed, and the Bitcoin Halving of 2024 will take place. This Halving will be recorded as the fourth major event in Bitcoin’s history, reducing the reward for Bitcoin mining from 6.25 BTC to 3.125 BTC.

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FAQ

  • When will the next Bitcoin halving take place?

Based on current calculations, the next Bitcoin halving is expected to occur on April 18, 2024. This event marks the fourth Bitcoin halving and results in a 50% reduction in the mining reward.

  • How is the date of the next Bitcoin halving determined?

The date of the next Bitcoin halving is based on the number of blocks added to the blockchain. A halving occurs every 210,000 blocks, and the date of the next halving can be calculated based on the average block production time.

  • How much of the total Bitcoin supply has been mined so far?

Over 19 million bitcoins have been mined so far, constituting 89% of the total Bitcoin supply.

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