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Bitcoin’s halving event for 2024 is less than one week away, all set to add new history for Bitcoin and the broader cryptocurrency market.
Bitcoin’s halving event, when the miner’s rewards get cut to half, is now just one week away, estimated to be held on April 20. As the crypto community split on the outcome, the 2024 halving is anticipated to hold a moment for Bitcoin and the expanding cryptocurrency market.
Bitcoin’s Halving Is One Week Away
Bitcoin’s halving is a crucial event that occurs every four years with the mining of 210,000 blocks. During the halving process, the mining rewards are reduced by half. For 2024, the rewards will be dropped from 6.35 BTC to 3.125 BTC.
The key purpose of Bitcoin’s halving event is to slow down the rate at which BTC is circulated in the market. Cutting down the rewards by half might make it unprofitable for some miners and thus pull their hands from the BTC mining pool.
However, the spike in BTC’s price is one factor that maintains the miners’ interest in the mining process, as an upsurge in BTC price increases the miners’ revenues in dollar terms.
According to The Block report, the targeted halving block for the 2024 halving event is 840000, with 839157 current blocks and 843 remaining blocks. Additionally, the estimated date for the halving event is April 20 at around 9 a.m. UTC (5 a.m. ET), when the rewards will be reduced to 3.125 BTC.
As per The Block’s data, BTC’s hash rate hit a new seven-day moving average all-time high of 625.33 EH/s on Friday.
Historical Impact of Bitcoin Halving On BTC
The halving occurs after every 21,000 blocks are mined, and it occurs every four years.
The first-ever event occurred in November 2012 when the mining rewards were cut from 50 BTC to 25 BTC. The next event occurred in 2016 when the rewards were reduced to 12.5 BTC.
In the last halving on May 11, 2020, the mining rewards were cut to 6.25 BTC. The next event is expected on April 20, 2024, when the rewards will be reduced to 3.125 BTC.
Furthermore, the halving event will last for around 2140, when the final BTC is supposed to be mined. Afterward, transaction fees will remain the miners’ source of income.
According to CoinMarketCap data, BTC is currently trading at $64,372.71, after a decline of 4.12% in the past 1 day. The cryptocurrency has a market cap of $1,267,917,100,433 with a 24-hour volume of $59,703,527,624.
Additionally, the maximum supply of BTC is 21 Million, and the circulating supply is 19,682,175 BTC. In the year 2140, BTC will reach its maximum supply limit.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
