Four years passed and the new Bitcoin Halving 2024 is near. It’s a crucial event for the crypto world and the fourth edition of the process. The halving is part of the Bitcoin structure and it occurs periodically at 4 years intervals.
The estimated date is April 20th. It’s still not confirmed because the date depends on the block mining process on the Bitcoin network. In this article we explain what is the Bitcoin Halving 2024 about and why is it so important for the future of the crypto coin.
The Bitcoin Halving 2024 reason to be
Every 210.000 blocks the Bitcoin network performs a halving. From that moment onward, the reward for mining a block gets halved. Adding new blocks gets harder and the rewards are reduced. In 2009 mining a block gave 50 bitcoins. Then in 2012 the number recued to 25, in 2016 12,5 and 2020 the reward is 6,25.
The Bitcoin Halving 2024 will reward each block with 3,125 BTC. The main goal of the halving is making Bitcoin mining harder. At the end of the day, there will be only 21 millions of bitcoins around the world. The crypto is around 92% of the final number. The 100% of Bitcoin will appear by 2140 according to the developers.
The Bitcoin Halving is related to the offer and demand of BTC. The price will rise because getting a Bitcoin becomes harder. The previous halving experience has determined that each new halving increases the price of BTC significantly. Historically, the halving generates expectations in the investment community. However, each halving impact has reduced in comparison with the previous one.
The importance of 2024 halving
When compared with other halving scene, the 2024 version arrives with a different reality. The Bitcoin is a pretty solid and established crypto today and the problem it faces are different too. The global Covid-19 menace is not around anymore, but world economy has shifted. The main issues today are related to regulatory experiences.
The miners incentives are another worry for BTC development. Less rewards for mining block make the miners consider if the investment is worth. There are still some weeks before the Halving but the crypto community is waiting with expectations a new moment in BTC history.