Bitcoin’s Next Halving Event Approaches: Just 33 Days Away

Bitcoin’s next halving event is quickly approaching, estimated to be just 33 days or roughly 4,952 blocks away, as per CoinGecko and OKLink.

Based on Bitcoin’s average block generation time of 10 minutes, the potential date for the halving event stands at April 19. During this event, the reward for miners on the network will decrease from 6.25 BTC to 3.125 BTC per block.

Bitcoin halvings occur automatically every 210,000 blocks, approximately every four years. After each halving event, miners receive 50% fewer bitcoins as a reward for each block they mine and add to the blockchain, while still earning transaction fees as usual.

Bitcoin has undergone three halving events in its history, reducing its block reward inflation from 50 BTC to 25 BTC in 2012, then to 12.5 BTC in 2016, and finally to 6.25 BTC at the last halving on May 11, 2020. In the long term, there will only ever be 21 million bitcoins in existence, with halving events continuing until the last bitcoin is expected to be mined around the year 2140, after which miners will solely earn from transaction fees.

The Impact of Bitcoin Halvings on the Market

Historically, Bitcoin halving events have been linked to significant fluctuations in the cryptocurrency’s price. While not a direct cause-and-effect relationship, these events often precede substantial bull runs in the bitcoin market.