The Bitcoin $BTC halving set for 2024 is a pivotal event, poised to cut the mining reward from 6.25 to 3.125 bitcoins per block. This halving, occurring every 210,000 blocks, is expected to significantly impact miners. The reduced reward will likely drive up Bitcoin's scarcity and potentially its price, following historical trends.

However, the halving will also increase financial pressure on miners, squeezing profit margins and potentially pushing out less efficient operations. This could lead to increased centralization in mining, as only the most economically robust miners will afford the costly investments in advanced mining equipment needed to compete. The event is eagerly anticipated by the community and could lead to increased market activity and price volatility as the date approaches.