Bitget Research Institute: The current Bitcoin block height is 820,106, and there are less than 150 days left before the halving.
What is Bitcoin Halving?
The Bitcoin block reward is halved every time the Bitcoin blockchain generates 210,000 blocks. Such halvings occur approximately every four years, with Bitcoin’s 4th halving expected to occur on April 23, 2024, at a block height of 840,000.
Bitcoin’s block reward will be reduced after each halving. Starting from the initial reward of 50 BTC per block, the current block reward is 6.25 BTC, which will drop to 3.125 BTC during the 2024 halving event.
Since each halving will reduce the production rate of Bitcoin according to the program, the speed of Bitcoin issuance will decrease, which will have a huge impact on the price of Bitcoin. Historically, every Bitcoin halving has been closely tied to a bull cycle in the entire crypto market.
Bitcoin halving cycle and market trends
So far, Bitcoin has undergone three halvings, which the industry calls the halving cycle.
The first halving cycle: 2012.11.28-2016.07.10. This halving cycle resulted in two bull markets in April and November 2013. The first bull marketbitcoin priceThe price rose from $12 to $288, a price increase of 2300%; the second bull market saw the price of Bitcoin rise from $66 to $1242, a price increase of 1782%.
The second halving cycle: 2016.07.10-2020.05.12. This halving cycle resulted in a bull market in December 2017. In the 2017 bull market, the price of Bitcoin rose from US$648 to US$19,800, a price increase of 4158%.
The third halving cycle: 2020.05.12-? This halving cycle will produce two bull markets in April and November 2021. In the first bull market, the Bitcoin price rose from US$8,181 to US$64,895, a price increase of 693%; in the second bull market, the Bitcoin price rose from US$29,296. to $69,000, a price increase of 135%.
Bitcoin’s previous halving block rewards and Bitcoin production data
The Bitcoin halving rules are derived from Satoshi Nakamoto’s regulations in the Bitcoin white paper “A Peer-to-Peer Electronic Cash System.”
Satoshi Nakamoto stipulated that the reward will be halved every time 210,000 Bitcoin blocks are generated, until the block reward is 0 in 2140, all Bitcoins are issued, and the final total issuance is constant at 21 million.
Therefore, a halving occurred when the Bitcoin block height was 210,000, 420,000, and 630,000. The current Bitcoin block height is 820,106. When the Bitcoin block height reaches 840,000, Bitcoin The currency will undergo the fourth halving, and the block reward after the halving will be from the current 6.25BTCReduced to 3.125 BTC.
Bitcoin price performance data for previous halvings
The Bitcoin halving event is closely related to the bull cycle of the entire crypto market. Historically, every time a halving occurs, Bitcoin prices rise rapidly and reach all-time highs within 6 to 18 months. Therefore, the impact of Bitcoin halving on the market has received great attention in the industry.
Will the next Bitcoin halving cause the price of BTC to rise sharply?
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
