As of August 2022, there are about 19,116,356.25 Bitcoins in circulation. This leaves just 1,881,068.8 remaining to be released via mining rewards. The next Bitcoin halving is expected to occur in 2024, and it will have a significant impact on the cryptocurrency's price. Let's walk through the Bitcoin halving schedule and learn more about bitcoin halving in general
What Is Bitcoin Halving?
A halving is a 50% reduction in the block reward miners receive for validating transactions on the Bitcoin network. This happens every 210,000 blocks, or approximately every four years. The first Bitcoin halving occurred on November 28th, 2012, when the block reward went from 50 BTC to 25 BTC. The second halving occurred on July 9th, 2016, bringing the block reward down to 12.5 BTC. And finally, the third and most recent halving happened on May 11th, 2020, reducing the block reward to 6.25 BTC.
The purpose of Bitcoin halvings is twofold. First, it ensures that all 21 million bitcoins will be mined by 2140. Second, it cuts down on inflation by reducing the rate at which new bitcoins enter circulation.
What Happens to Bitcoin's Price After a Halving?
The impact of a Bitcoin halving on price is highly debated and has been the subject of intense speculation. Some believe that a halving increases demand and drives up prices, while others think that it simply reduces supply and has no significant effect on price.
One thing is certain, however: halvings are big events in the cryptocurrency community and tend to generate a lot of buzz. So even if the price effect is minimal, it's still worth paying attention to.
How Will 2024 Halving Affect Bitcoin's Price?
Predictions for the 2024 halving are all over the map. Some people think that the halving will have a major impact on price, while others believe that it will be largely insignificant.
One thing is certain, however: the closer we get to the halving, the more speculation there will be. So even if the actual event turns out to be a non-event, it's still worth keeping an eye on.
What Do You Need to Know About BTC Halvings?
If you're interested in buying or holding Bitcoin, it's important to understand how halvings work and what effect they might have on price. Pay attention to the build-up to the 2024 halving and stay up-to-date on all the latest news and developments. That way, you'll be prepared for whatever happens
When is the next bitcoin halving?
The next bitcoin halving is expected to occur in 2024. This is expected to have a significant impact on the cryptocurrency's price.
Let's take a look back at prior halving to see how that affected the price of bitcoin.
2012
- BTC per block (Before): 50 BTC per block
- BTC per block (After): 25 BTC per block
- Initial Price: $12
- Price 150 Days Later: $127
2016
- BTC per block (Before): 25 BTC per block
- BTC per block (After): 12.5 BTC per block
- Initial Price: $650
- Price 150 Days Later: $758
2020
- BTC per block (Before): 12.5 BTC per block
- BTC per block (After): 6.25 BTC per block
- Initial Price: $8821
- Price 150 Days Later: $10,943
The future of Halving:
2024 (Expected)
- Block number: 740,000
- Block reward (after): 3.125 new BTC
- New Bitcoins: 656,250 BTC
2028 (Expected)
- Block number: 850,000
- Block reward (after): 1.5625 new BTC
- Total new Bitcoins: 328,125 BTC
