There at the moment are much less than 50,000 blocks to go earlier than the Bitcoin halving triggers.
A tweet from Bitcoin Woods highlighted the milestone, including that this places the halving date on April 22, 2024.
Based on this timeline, the occasion will happen in 342 days. However, that is anticipated to fluctuate relying on blocks closing in the end than the designated ten-minute interval.
Bitcoin group awaits halving
The Bitcoin halving refers to an inbuilt 50% discount within the mining block reward that happens each 210,000 blocks – normally each 4 years.
This upcoming halving would be the fourth in Bitcoin’s historical past, reducing the block reward from 6.25 BTC to three.125 BTC. There are 33 halvings programmed into the protocol, with the final set to happen in 2140 when the block reward zeros.
With a set most provide of 21 million cash, halvings decelerate the variety of cash coming into circulation – thus hardwiring a shortage mechanism into the protocol. In idea, this course of impacts supply-demand dynamics, appearing as a tailwind to cost.
This expectation has performed out primarily based on previous information, concocting a story that halvings are bull market catalysts.
However, it’s value allowing for that having three information factors isn’t statistically rigorous. Additionally, macroeconomic uncertainty was not a consider earlier halvings.
Bit Harington charted the Bitcoin worth on a logarithmic scale, marking factors for 1 12 months earlier than, the halving itself, and the post-halving prime.
The first halving – occurred on November 28, 2012, reducing the block reward from 50 BTC to 25 BTC.
The worth 1 12 months earlier than was roughly $2.At the time of the halving was $12.35.By the highest, round January 2014, the worth was round $1,000.
This equated to a 7,997% enhance from halving to post-halving prime.
The second halving – occurred on July 9, 2016, reducing the block reward from 25 BTC to 12.5 BTC.
The worth 1 12 months earlier than was roughly $270.At the time of the halving was $650.By the highest, round December 2017, the worth was round $19,800.
This equated to a 2,946% enhance from halving to post-halving prime.
The third halving – occurred on May 11, 2020, reducing the block reward from 12.5 BTC to six.25 BTC.
The worth 1 12 months earlier than was roughly $8,500.At the time of halving was $9,756.By the highest, round November 2022, the worth was $69,000.
This equated to a 607% enhance from halving to post-halving prime.
In all three instances, the worth moved greater going into 1 12 months earlier than, to the halving, to the post-halving prime. As anticipated, with BTC now priced in 5 figures, the share enhance from halving to the post-halving prime has decreased.
If Bitcoin follows the identical sample this time, the worth is anticipated to be extra than $27,000 by the market prime. COO at Onramp Jesse Myers places the highest worth at between $120,000 and $240,000.