Uncover the Bitcoin Halving Schedule Now!

17 views 2:23 pm 0 Comments May 17, 2024

The bitcoin community is abuzz with anticipation as the countdown to the highly awaited halving event begins. Investors are keen to understand how to accurately predict the timing of this crucial occurrence.

Halving events entail a 50% reduction in the rewards granted to bitcoin miners. Satoshi Nakamoto, the purported creator of bitcoin, introduced this protocol in the original bitcoin white paper revealed in 2008. Miners earn rewards for validating transactions and creating blocks, a process that leads to the generation of new bitcoins.

The halving of mining rewards plays a key role in regulating the bitcoin supply, which is capped at a maximum of 21 million bitcoins. These events are commonly known as “halvenings,” a witty blend of “halving” and “happening.”

The upcoming halving is expected to occur between April 18 and April 21, resulting in mining rewards decreasing to 3.125 bitcoins per block. The most recent halving took place in May 2020, reducing mining rewards from 12.5 bitcoins to 6.25 bitcoins per block.

Predicting the Timing of the Halving Event

Halving events occur after every 210,000 bitcoins are mined, typically spanning approximately four years. Historically, the price of bitcoin has surged following halving events due to sustained demand and the slowdown in new bitcoin creation resulting from reduced mining rewards.

With fewer than 360 blocks remaining to be mined before the impending halving event, over 99.8% of the blocks have already been mined, according to data from Mempool.space as of Wednesday morning. Mempool.space serves as a valuable tool for monitoring block mining activities on the bitcoin network and tracking the exact timing of the halving.

Bitaps, a bitcoin statistics platform, reports that the network is currently generating new blocks at an average interval of 9 minutes and 21 seconds. Based on the current mining pace, the halving is expected to occur on Friday night.

While analysts hold varying opinions on how the halving will impact bitcoin’s price, some predict a surge driven by a supply shock, while others argue that the market has already priced in this year’s halving.

On Wednesday, bitcoin retraced to \(62,200 from its peak of \)64,465 within a 24-hour period.

Bitcoin reached a new all-time high of \(73,798 on March 14, surpassing its previous peak of \)68,990 set in November 2021.

In 2023, the leading cryptocurrency has rebounded by approximately 157%. Noteworthy gains of around 48% have been recorded since the beginning of this year, with significant increases observed in February and March.

_For the latest stock news and updates, follow Harrison Miller on Twitter @IBDHarrison.

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