Countdown to the Halving
The Bitcoin Halving is fast approaching, with only about 2,900 blocks left before the reward for miners is cut in half. This is expected to happen around April 19th, according to Coinwarz.
What is the Halving?
The Halving is a built-in mechanism in Bitcoin that reduces the reward for miners every 210,000 blocks. This means that the number of new Bitcoins created each block will be cut in half.
Past Halvings and Price Impact
Historically, the Halving has led to significant price increases for Bitcoin. After each Halving, the price has tended to surge in the months following the event.
- First Halving (2012): Price rose from $12 to $1,000 within 90 days, and gained over 8,000% in the year after.
- Second Halving (2016): Price increased from $650 to $2,506 within 90 days, and gained 284% in the year after.
- Third Halving (2020): Price climbed from $8,821 to $56,612 within 90 days, and gained 559% in the year after.
Expectations for This Halving
Experts predict that the upcoming Halving could have a similar impact on Bitcoin’s price. This is due to the combination of increasing demand and decreasing supply.
As of writing, Bitcoin is trading around $70,400, showing a positive trend in the past 24 hours.
