The Bitcoin (BTC) halving for the year 2024 is approaching. This is an unmissable event for the ecosystem, which will bring several key changes. Here are 5 figures to better understand what will happen for the largest cryptocurrency.
11 days: the time until the arrival of the Bitcoin halving
At present, the halving of Bitcoin (BTC) is estimated for April 20, i.e. in 11 days. The event is scheduled every 210,000 blocks, or approximately 4 years at the rate of bitcoin production. The last halving took place on May 11, 2020. In total, Bitcoin has experienced 3 halvings: in 2012, in 2016, in 2020. The one that happens will be the 4th.
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👉 To go further – What is Bitcoin (BTC) halving and what are its effects?
3,125 BTC: the reward created for each block from halving 2024
The halving planned for April 2024 will once again reduce mining rewards, that is to say the bitcoins produced by the activity, by half. Miners will now only receive 3,125 BTC per mined block, compared to 6,250 currently. 3,125 BTC corresponds to approximately $219,600 at the current price.
Initially, Bitcoin mining allowed you to generate 50 BTC per block…Which would be the equivalent of 3.5 million dollars at current prices! At the time, 50 BTC of course corresponded to a much smaller sum. The price of Bitcoin only reached 1 dollar in February 2011.
Coinbase: register on the most famous crypto exchange in the world83,130 billion: the current mining difficulty
The mining difficulty, that is to say the effort required by miners to produce a block, is adjusted regularly. This allows the Bitcoin network to produce a block at regular intervals (approximately every 10 minutes), regardless of the number of miners on the network.
Mining difficulty recently reached an all-time high. This suggests that many actors are on the network producing blocks. When mining rewards decrease, it will cost more to produce bitcoins. It is therefore possible that “small” miners stop participating in the network, mechanically lowering the mining difficulty to adjust to their absence.
👉 Learn more on the subject – What is Bitcoin and cryptocurrency mining?
+559%: the price increase experienced by BTC after the last halving
If the halving is long awaited, is that it is historically followed by strong price increases for the largest cryptocurrency. The 1st halving was thus followed by a gigantic increase in the price of BTC, which rose 8,069% until the peak of the period. The last halving was followed by an increase in the price of Bitcoin by 559%:
Halvings are historically followed by increases in the price of Bitcoin
While it is of course not guaranteed that the BTC price will react in the same way this time, the ecosystem is rather optimistic. Especially since the largest cryptocurrency recently reached an all-time high.
👉 Find our guide – How to buy Bitcoin in 2024? Get guided step by step
70,300 dollars: the price of Bitcoin today
At the time of writing, the price of Bitcoin exceeds $70,300. It broke its all-time high about twenty days ago, trading for $73,700. BTC has since managed to stabilize around $70,000, entering a consolidation phase.
👉 Also in the news – A Wall Street bank would have contacted a miner to buy his Bitcoins, only 2 weeks before the halving
For many, the occurrence of the halving will be the new trigger for an increase. According to some, BTC could exceed $150,000 by the end of the year. Nothing is certain, however, as the cryptocurrency market is notoriously unpredictable.
Cryptoast Research: Don’t waste this bull run, surround yourself with expertsSources: CoinWarz, CoinGecko
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Journalist at Cryptoast, I have been immersed in cryptocurrencies since 2017. I am passionate about the issues of decentralization, privacy, and the global impact of these new technologies.
Marine Debelloir
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