With just 100 blocks remaining before the incentive for mining the flagship decentralized finance (DeFi) asset is cut in half, the Bitcoin (BTC) halving, one of the most significant events in the cryptocurrency sector, is rapidly approaching. The excitement in the cryptocurrency world is growing.
In fact, the more reliable way to determine when the Bitcoin halving will occur is to tally down the remaining blocks that need to be mined. The Bitcoin block reward halve every 210,000 blocks, which corresponds to a period of approximately four years.
Recall that the planned reduction mechanism was implemented by the original Bitcoin developers in order to limit the quantity of new coins that may be created and maintain supply.
When does Bitcoin halve next?
Thus, following the initial Bitcoin halving in November 2012, which saw the mining reward drop from 50 to 25 BTC per block, there was another one in July 2016, which saw the reward drop from 25 to 12.5 BTC. May 2020 saw the third halving event, which further cut the block reward by 50%.
More specifically, this incentive will be further reduced to 3.125 BTC during the next Bitcoin halving, which will occur at precisely 840,000 blocks mined. Less than 100 blocks remain till this happens, according to statistics from many Bitcoin halving countdown platforms.
BTC price estimate as the halving approaches
Meanwhile, the price of Bitcoin, which has historically fluctuated in response to these halves events, is strengthening as it makes a comeback from earlier this week's dips that saw it go below the crucial psychological price level of $65,000.
The largest asset in the cryptocurrency market is currently trading at $64,890, indicating a gain of 6,49% in the last day as it attempts to offset the 8.42% loss that it collected over the previous seven days and advances by 2.67% to turn its monthly chart green.
All things considered, there is not much time left before the reward for mining Bitcoin is cut in half once more, making the initial cryptocurrency asset more scarce and possibly igniting a huge rally that some analysts predict will soon push it to $80,000 and beyond.
Regardless matter how positive things may seem, it is vital to keep in mind that trends in this sector can occasionally shift quickly, thus conducting one's own thorough study and in-depth risk analysis is critical before investing a large amount of money in any of its assets.
April 2024, Cryptoniteuae