Bitcoin halving will take place on April 19
Data from Coinwarz shows that the Bitcoin halving will occur on April 19 at block 840,000. The prediction is based on Bitcoin’s current average block time, which means the halving could happen a little earlier or sometime after April 19. However, the main focus remains that miners’ supply will be cut in half.
The halving event, a deflationary measure coded into the flagship cryptocurrency by Bitcoin founder Satoshi Nakamoto, occurs after every 210,000 blocks. Since the genesis block in 2009 (when the first block of Bitcoin was mined), three halving events have occurred.
The first was on November 28, 2012, when miner rewards were cut from 50 BTC to 25 BTC.
The second halving event took place on July 9, 2016, and the miner reward dropped to 12.5 BTC.
The third time occurred on May 11, 2020, and the reward was reduced to 6.25 BTC. Now, miner rewards will be halved again, down to 3.125 BTC.
This reward is the amount that BTC miners receive for validating each new block of transactions on the blockchain. Although this incident mainly affects miners, the crypto community is watching it closely due to the ripple effects it could have on the market. The supply of Bitcoin comes from the rewards of these miners, and a reduction in miner rewards usually drives up the value of Bitcoin.
Historically, halvings have always resulted in an increase in the price of Bitcoin. Ninety days after the first halving on November 28, 2012, the price of Bitcoin rose from $12 at the time of the halving to $1,000. Subsequently, the price of Bitcoin increased by more than 8,000% one year after the halving.
This parabolic price surge also occurred after the second and third halving events, with Bitcoin's price rising from $650 and $8,821 (at the time of the halving) to $2,506 and $56,612 in 2016 and 2020, respectively ( 90 days after the halving). A year after the event, Bitcoin was also up 284% and 559% respectively.
This time is not expected to be different as Bitcoin is expected to experience another major surge after April. This bullish sentiment is further reinforced by the continued surge in demand for Bitcoin amid dwindling supply.
