What is bitcoin halving event and how does it work | Cryptotution

Bitcoin halving event date is 20.04.2024 and it occurs every 4 years. Bitcoin halving means decreasing the pace of generating new Bitcoins. This blog post is all about bitcoin halving mega events and its working process.

Do you know what is bitcoin halving event and how does it work? If not, don’t worry, today it is explained in easy language.

What is bitcoin halving event and how does it work

What is bitcoin halving event

Bitcoin halving  means mining of Bitcoins. Halving is a process of decreasing the pace of generating new Bitcoins. As per the bitcoin structure total 21 million tokens will be generated  and to reach the target every year some bitcoins are generated.

For example if 500 bitcoins are generated every year then 500 coins generation will decrease to 250 or 300 bitcoins will be generated after a halving process which takes place every 4 years. Halving is a process which slows down the generating of bitcoins or less coins are mined.  

This year there were two mega events on 18th April doggie day excited meme coins and 20th April bitcoin halving day. Bitcoin halving takes place every 4 years. The main motive of this event is to decrease the pace of generating new Bitcoins which impacts Bitcoin price. 

Bitcoin founder Satoshi Nakamoto invented this first cryptocurrency on 3 January, 2009. The first cryptocurrency bitcoin is structured to possess a finite supply of 21 million tokens. 

Bitcoin halving dates history 

This is the fourth bitcoin halving event in 2024. All 4 bitcoin halving dates history is 28 nov 2012, July 9 2016, 11 May 2020. 2024 halving will further reduce the reward to $3.125 equivalent to nearly $2 lakh at current prices with bitcoin trading at $64k as of April 19. BTC halving history shows that the price kept growing after each halving.

4 Halving history chart

  • Nov 28, 2012 – The block reward was reduced from 50 BTC to 25 BTC per block.
  • July 09, 2016 – The block reward was reduced from 25 BTC to 12.5 BTC per block.
  • May 11, 2020 – The block reward was reduced from 12.5 BTC to 6.25 BTC per block.
  • April 20, 2024 – The block reward was reduced from 6.25 BTC to 3.125 BTC per block.

The last bitcoin halving will take place in 2041 when all 21 million bitcoins will be mined. 

ZebPay CEO Rahul Pagidipati said this supply induction could attract more institutional, industrial and retail capital in the long term. 

How bitcoin halving will impact cryptocurrency market

According to experts, halving events might impact bitcoins price as less supply and more demand could affect bitcoin prices and attract investors to the crypto market. Bitcoin observed or significant valley and the same was observed during the 2016 and 2020 halve events where bitcoin reached all time high.

Bitcoin enters a phase of sideway movement or reaccumulation, said experts Rajgopal Menon, VP and Wazir x. The similar pattern was observed in post halving events 2020 where a significant upward movement followed the halving and reaccumulating phase.

According to Menon, general consequences say prices will go upward but due to the geo political issues the prices may be impacted a bit negatively. 

Conclusion – What is a halving event is explained in simple words along with its impact on the cryptocurrency market. Halving history charts are given to understand the btc per block.

Leave a Comment

Your email address will not be published. Required fields are marked *

CONCEPT OF CRYPTOCURRENCY EXPLAINED SIMPLY Shiba Inu Listed on Robinhood WHAT IS WEB 3.0 TECHNOLOGY top 5 web 3.O crypto for 2022 Bitcoin ATM’s in the world