BREAKING: Bitcoin Halving 2024 Is Complete! Here’s What To Expect |

Bitcoin has now successfully undergone its fourth halving event, with miners’ block rewards slashed in half again (from 6.25 to 3.125 BTC). The Bitcoin halving (also called “the halvening”) is programmed to happen every 210,000 blocks – approximately every four years.

With miners set to receive 50% fewer BTC, the rate of Bitcoin creation will also be slowed down. Miners will now produce 450 BTC per day compared to a daily production average of 900 BTC prior to the halving.

How To Get Free Crypto  

The previous three halvings occurred in 2012, 2016, and 2020, significantly reducing mining rewards over the last decade. In 2012, the first halving event saw the reward for mining a block drop from 50 to 25 BTC.

While the latest Bitcoin halving occurred at a block height of 840,000, the next one is expected at a block height of 1,050,000 (most likely in the first quarter of 2028). The halvening will continue until around 2140 when the last Bitcoin is mined.

How Will Bitcoin Halving Impact The Crypto Space?

This Bitcoin halving was one of the most-anticipated events of 2024 in the cryptocurrency industry. Specifically, key players in the BTC mining industry have been preparing for this event, considering its apparent effect on their major means of revenue.

As reported on Bitcoinist weeks ago, several Bitcoin miners in the United States have been trying to adjust to the new life following the Bitcoin halving. The report mentioned how these firms are moving their old mining equipment out of the US and upgrading to more efficient ones to ensure they remain profitable.

Coinbase Banner  

Furthermore, there have been wide and interesting speculations on how the latest occurrence of the halvening would impact the price of Bitcoin. From a historical perspective, the premier cryptocurrency tends to put in a positive price performance during the halving year.

As a result, the crypto community has seen several audacious and bold bullish projections for the price of Bitcoin this year. Notably, Jan3 and Bitcoiner CEO Samson Mow believes BTC could rise to as high as $1 million following the halving event.

At the same time, there have also been some bearish outlooks for the market leader post-halving. Specifically, leading investment bank JPMorgan has predicted that Bitcoin could decline to $42,000 after halving due to increased production costs and mining difficulties.

Although Bitcoin has struggled to replicate its positive Q1 performance over the past few weeks, investors will be hoping that the halving event will be enough of a catalyst for the cryptocurrency to fulfill its early promise. Meanwhile, enthusiasts will expect the fresh optimism to spread to the broader crypto market, propelling other major assets to the upside.

FreeBitcoin Banner  

Bitcoin Price At A Glance

As of this writing, the Bitcoin price stands at around $63,526, reflecting a 2.6% increase in the past 24 hours.

Bitcoin price at $63,655 on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, chart from TradingView

Go to Source
Author: Opeyemi Sule

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.