Crypto News– Bitcoin (BTC) has successfully completed its fourth-ever halving event, triggered by the mining of its 840,000th block. This milestone marks the point where mining rewards are halved once again.
Bitcoin 2024 Halving Event: Completed and Concluded
With the event now behind us, the crypto community eagerly anticipates the future trajectory of Bitcoin’s price, with some optimistic predictions reaching as high as $250,000.
As of the time of this publication, Bitcoin’s price stands at $63,960, reflecting a 1.16% increase over the past 24 hours, according to CoinMarketCap data.
Following this halving, Bitcoin miners will now receive 3.125 BTC per mined block, a reduction from the previous 6.25 BTC. This process is part of the programmed protocol of Bitcoin, occurring approximately every 210,000 blocks, or roughly every four years.
The previous three halving events took place in 2012, 2016, and 2020, resulting in substantial decreases in mining rewards over time. The inaugural Bitcoin halving occurred in 2012, when the block reward was cut from 50 to 25 BTC.
The primary objective of the Bitcoin halving is to manage scarcity and regulate the inflationary supply of Bitcoin. This mechanism was integrated into the code by Bitcoin’s pseudonymous creator, operating under the name Satoshi Nakamoto.
By halving mining rewards, this process effectively slows down the rate at which new Bitcoin enters circulation, contributing to the digital asset’s scarcity and long-term value proposition.
The Bitcoin halving is a pivotal event that historically signals a shift in the market, usually initiating a bullish trend over the following months. As we approached the fourth halving, the anticipation built, suggesting a continued—if slightly more subdued—upward trajectory.
M2 CEO Stefan Kimmel
The Bitcoin mining system will persist until approximately 2140, by which time all Bitcoin will have been mined.
In anticipation of the event, major Bitcoin miners have been making preparations. Marathon Digital, for instance, recently disclosed its intentions to acquire a 200-megawatt (MW) Bitcoin mining facility in Texas for $87.3 million.
Similarly, in December 2023, competitor Bitcoin mining firm Riot Platforms executed a significant expansion of its hash rate by purchasing 66,560 mining rigs from manufacturer MicroBT. This move marked one of the largest expansions in the firm’s history.
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