Halfway To The Halving: What This Means For Bitcoin

Bitcoin halvings are important events that have taken place since the digital asset was first launched in 2009. Since then, there have been a total of three halvings that have seen block reward cut down by half each time. The next bitcoin halving will happen in 2024 which means that the market is halfway there. As this fourth halving draws close, we take a look at how this affects the supply of BTC and in turn, the value of the cryptocurrency. Fourth Halving Coming Up The bitcoin halving is scheduled to happen every 210,000 blocks and the estimate for the next halving is put at May 4th, 2024, going by the current rate at which BTC is being mined. Currently, there have been a little over 19 million BTC mined, which only leaves an additional 2 million BTC that is left to be mined. With the halving cutting block reward by half, presently sitting at 6.25 BTC per block, it helps to predict the supply mechanics of the digital asset. Related Reading | New Wallets Surge On Cardano, What’s Behind This? With each halving, the daily issuance and supply go down. It is expected to fall even lower with the next halving, where each block reward would only be 3.125 BTC, and with the average of 144 blocks that are mined per day, the daily BTC awarded to miners on a daily basis will fall from 900 to 450. This helps to ensure that the supply of bitcoin diminishes over time, making it one of the core features of the monetary policy of the ne...