Latest Bitcoin halving now in the books

Latest Bitcoin halving now in the books

The halving went off without a glitch on April 20

Bitcoin underwent its fourth halving event after the 840,000th block was mined on April 20, reducing mining rewards by 50%. Now, Bitcoin miners started to receive 3.125 BTC per mined block, down from the previous award of 6.25 BTC.

Bitcoin halving is an ongoing protocol process that occurs with every 210,000 blocks mined, which is around every four years. The last three, in 2012, 2016, and 2020, led to substantial declines in mining rewards. The first Bitcoin halving happened in 2012, with the reward per block mined decreasing from 50 to 25 BTC.

The primary objective of Bitcoin halving is to guarantee scarcity and lower Bitcoin’s inflation. Bitcoin’s pseudonymous creator, Satoshi Nakamoto, constructed the tool into the code, which also slows the rate of new Bitcoin production. Halving will resume until approximately 2140, when all Bitcoin has been mined.

“The Bitcoin halving is a pivotal event that historically signals a shift in the market, usually initiating a bullish trend over the following months. As we approached the fourth halving, the anticipation built, suggesting a continued — if slightly more subdued — upward trajectory,” said M2 CEO Stefan Kimmel.

Although recent fluctuations in Bitcoin’s value have caused concern among members of the crypto community, many remain hopeful about its long-term potential. Despite short-term predictions of price volatility, the overall outlook for Bitcoin remains positive.

Billionaire investor Tim Draper thinks the halving will help push Bitcoin’s price up to “$250,000 or more,” a prediction he’s consistently maintained since 2022.

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