The next Bitcoin halving occured April 20, 2024. During a halving event, the reward given to miners for verifying transactions on the Bitcoin network is reduced by half. Let’s delve into the details:
Current Block Reward: 6.25 BTC
Targeted Halving Block: 840,000
Current Price: $63,958.70
Here’s a brief history of Bitcoin halvings:
First Halving (November 28, 2012): The block reward dropped from 50 BTC to 25 BTC.
Second Halving (July 9, 2016): The reward reduced to 12.5 BTC.
Third Halving (May 11, 2020): The reward further decreased to 6.25 BTC.
The upcoming halving will see the block rewards drop to 3.125 BTC1. This process continues until the total number of bitcoins in circulation reaches the maximum limit of 21 million, which is predicted to happen around the year 2140.
Remember, the halving is determined by comparing the current block height and the block height for the halving. It occurs after every 210,000 blocks, roughly every four years. The countdown to the next halving is based on this block height and the average time to produce each block1. Exciting times lie ahead for Bitcoin enthusiasts!
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