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Bitcoin Halving Countdown 2024

The next Bitcoin halving countdown is estimated to occur around in 2024, approximately four years after the previous halving in 2020. According to our Bitcoin halving countdown, the current halving cycle is 90.43% complete and is predicted to happen on Friday Apr 19, 2024 at 04:04:11 AM UTC

What is a block halving?

Bitcoin halving is a significant event in the Bitcoin network where the reward for mining Bitcoin transactions is cut in half. This event occurs approximately every four years or after every 210,000 blocks are mined.

How many Bitcoin halvings have there been previously?

As of mid-2019, the Bitcoin network has experienced two halving events. The first event took place on November 28, 2012, and the second on July 9, 2016. During these events, the reward for mining Bitcoin blocks was reduced by half, hence the term “halving”. At the time of the first halving, one Bitcoin was valued at $12.31. By the second halving, the value had increased to $650.63. These events are significant as they reduce the rate at which new Bitcoins are created, thereby controlling inflation and potentially increasing the value of Bitcoin due to scarcity. In total, there will be 32 halving events in the lifespan of Bitcoin. Once all halvings have taken place, no more Bitcoins will be created as the maximum supply of 21 million Bitcoins will have been reached. This information is crucial for those interested in cryptocurrency trends and the underlying mechanisms that impact Bitcoin’s value.

How does the Bitcoin block halving work?

Mining: Miners compete to add the next block to the Bitcoin blockchain by solving a complex mathematical problem using specialized hardware. This process produces a random 64-character output known as a “hash,” which completes the process and locks the block so it can’t be changed.

Block Reward: When miners successfully mine a block, they receive a certain number of bitcoins as a reward. This reward was initially set at 50 bitcoins per block when Bitcoin was first established.

Halving: The rate at which new Bitcoin is created decreases by half for every 210,000 blocks mined — roughly every four years. The first Bitcoin halving occurred in 2012 when the reward for mining a block was reduced from 50 to 25 bitcoins.
The halving event in 2016 reduced incentives to 12.5 bitcoins for each block mined, and as of May 11, 2020, each new block mined only generates 6.25 new bitcoins The next Bitcoin halving is expected to take place in April 2024.