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🤝🤝🤝🤝Bitcoin Halving 2024 Completed! What to Expect
Bitcoin has completed its fourth halving event, halving miners' block rewards from 6.25 to 3.125 BTC. The Bitcoin halving (also known as “the halvening”) occurs every 210,000 blocks, or four years.
Bitcoin creation will decelerate due to miners receiving 50% fewer BTC. Miners will create 450 BTC per day, down from 900 BTC before the halving.
The 2012, 2016, and 2020 halvings dramatically reduced mining earnings over the last decade. The first halving event in 2012 reduced block mining rewards from 50 to 25 BTC.
Bitcoin's second halving is projected at 1,050,000 (presumably in the first quarter of 2028) instead of 840,000. The halvening will continue until the last Bitcoin is minted in 2140.
How Will Bitcoin Halve Affect Crypto?
One of the most anticipated cryptocurrency events of 2024 was the Bitcoin halving. Given its potential impact on their main revenue source, BTC mining companies have been prepared for this scenario.
Bitcoin miners in the US are adjusting to life after the Bitcoin halving, as detailed on Bitcoinist weeks ago. For profitability, these corporations are relocating their outdated mining equipment out of the US and upgrading to more efficient ones, according to the research.
There have also been many intriguing speculations about how the current halvening will affect Bitcoin prices. Historically, the top cryptocurrency performs well during the halving year.
Due to this, the crypto community has seen some ambitious bullish Bitcoin price predictions this year. Jan3 and Bitcoiner CEO Samson Mow thinks BTC might reach $1 million after the halving.
However, post-halving negative forecasts for the market leader exist. Leading investment bank JPMorgan predicts Bitcoin could drop to $42,000 after halving owing to manufacturing costs and mining issues.
Bitcoin has struggled to reproduce its Q1 performance in recent weeks, but investors hope the halving event would help it achieve its early promise.
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