Bitcoin Halving 2024: What to Expect
Halving Event to Reduce Miner Rewards
The highly anticipated Bitcoin halving event of 2024 is scheduled to occur on April 19 or 20. This pre-programmed reduction in the rewards miners receive for validating transactions is expected to have a significant impact on the digital currency's market value.
Experts Predict Turbocharged Rally
Some experts believe the halving event will turbocharge a rally in Bitcoin's price. Historically, the digital currency has experienced significant price increases following halvings. For instance, after the last halving in May 2020, Bitcoin's price climbed almost tenfold from $8,602 to a record high of $64,804 in April 2021.
Historical Perspective
As of January 2024, there have been three halving events. The first occurred in November 2012, followed by another in July 2016, and the most recent in May 2020. Each halving reduces the number of new Bitcoin created per block by half, from 50 to 25, then 12.5, and so on. This scarcity is believed to drive up demand and ultimately push prices higher.
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