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Bitcoin‘s latest bisector An event has occurred. Are you ready for what’s next?
The much talked about quadrennial event included in the Bitcoin code occurs approximately every four years. The first happened in November 2012, the second in July 2016, the third in May 2020, and the most recent was Friday, April 19, 2024.
With the fourth block down, the next block is already 210,000 blocks away from being mined. This is expected to be in 2028, but the exact month and date will depend on the pace of network activity.
This event occurs every four years, as designed by Bitcoin’s feature to create deflation. Since only 21 million Bitcoins can ever be created, the halving will make it more difficult to create new virtual coins over time.
mine workerAlternatively, the power-consuming task of processing transactions on the network is rewarded with Bitcoin in return for minting new coins. Friday’s event reduced the reward from 6.25 BTC to 3.125 BTC for each block processed.
This means miners will have to work more efficiently to operate. This also means that there will be fewer Bitcoins added to the market in the future. The next halving in 2028 will cut the reward even further to 1.5625 BTC per block mined.
some industry experts said decryption They believe that each halving will make an asset scarce, increasing its long-term price.
And history shows they may have been right. In the year to 18 months since the previous three halvings, the price of Bitcoin has risen significantly.
However, the price of Bitcoin has recently plummeted. After hitting an all-time high of $73,737 last month, it has fallen below its 2021 high of $69,044.
However, industry experts said it is normal to see increased volatility and significant price drops before the halving.
Editor: Andrew Hayward