Bitcoin Officially Completes Its Fourth Halving
The Bitcoin network officially completed its fourth halving event on the 20th of april, marking a new milestone for the whole cryptocurrency space.
The Bitcoin halving, a cyclical event recurring every 210,000 blocks, or approximately every four years, entails a halving of the mining rewards. Up until today the Bitcoin mining rewards were 6.25 BTC, but after the event the amount was reduced to 3.125 BTC.
Consequently, the already limited supply of Bitcoins further diminishes, instigating heightened demand among investors. This phenomenon stems from Bitcoin’s fixed supply, capped at 21 million coins for perpetuity.
To date, four Bitcoin halvings have occurred. The previous halving transpired on 11 May 2020, preceded by halvings on 9th of July 2016 and 28th of November 2012.
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Before the halving approximately 900 BTC were mined every day (1 block per 10 minutes). After the event the newly minted BTC amount to 450 BTC per day.
A report from Bitfinex, unveiled on 15 April, hints at a growing trend among investors, who are increasingly acquiring Bitcoin in anticipation of a surge in its value over the coming months.
Following a pattern observed in past instances, Bitcoin typically experiences a prolonged uptrend after a halving occurrence. Nevertheless, this time around, there’s a notable anticipation for a shift in the norm.
At the time of writing Bitcoin is trading at $63,650 with no significant price swings within the past 24 hours and a trading volume of $49.3 billion.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
