Bitcoin halving 2024 — Done so What to expect for btc price?🕵️
The system will continue until roughly 2140 when all Bitcoin is mined. 👀
The landmark occasion sees a reduction in Bitcoin miner rewards, dropping from 6.25 BTC per mined block to 3.125 BTC.
Bitcoin has successfully gone through its fourth-ever halving event after posting its 840,000th block, the point at which mining rewards are slashed in half once again.
The event has the crypto community eagerly awaiting what’s next for Bitcoin’s price, with some predictions reaching as high as $250,000.
At the time of publication, Bitcoin’s price is $63,960, up 1.16% over the past 24 hours, as per CoinMarketCap data.
From today onwards, Bitcoin miners will receive 3.125 BTC per mined block, down from the previous 6.25 BTC.
It is a programmed process in the Bitcoin protocol that happens every 210,000 blocks mined, which equates to roughly every four years.
The last three halvings occurred in 2012, 2016 and 2020, leading to significant drops in mining rewards over time. The first Bitcoin halving occurred in 2012 when the reward for mining a block was reduced from 50 to 25 BTC.
The main purpose behind the Bitcoin halving is to manage scarcity and regulate the inflationary supply of Bitcoin. The mechanism was built into the code by Bitcoin’s pseudonymous founder operating under the name Satoshi Nakamoto.
By cutting mining rewards in half, this process effectively slows down the rate at which new Bitcoin is created.
