Bitcoin Halving 2024 Completed: Everything You Need to Know

Bitcoin Halving 2024 is LIVE!

In the early hours of April 20, 2024 – Bitcoin Halving 2024 is now completed and block rewards for have now been halved from 6.25 BTC to 3.125 BTC. On that vein, get ready for CoinDCX’s Bitcoin Halving Dhamaal – a chance to dive into the Halving frenzy and win a mystery box worth up to ₹1,00,000 in Bitcoin! As Bitcoin Halving 2024 goes live, seize this opportunity between April 19-29, 2024!

Trade now to win in BTC!

  1. Sign up and make your first trade.
  2. Your first trade should be worth a minimum of ₹2500 in spot markets.
  3. Use the CoinDCX app to invest and get started!

Bitcoin Price Prediction 2024

Bitcoin Halving 2024 is LIVE: Now that the Bitcoin halving 2024 is live, Bitcoin price has begun to regain a bullish trend, despite seeing a minor correction in the past few weeks. Bitcoin price trajectory remains bullish, soaring over 165% since 2023, sustaining a 52% year-to-date surge. Despite a recent correction, BTC price is hovering under $70,000, which is set for a potential reversal very soon as the scarcity of the halved rate of Bitcoin issuance sets in. Technicals show favorable trends, with potential targets of new ATHs at $74,800 to $75,500 by April’s end for Bitcoin price. Long-term predictions foresee gains up to $95,000 in 2024.

Hong Kong Approves Bitcoin & Ethereum ETFs: Hong Kong accelerates its ascent as a global crypto hub with the approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs) by the Securities and Futures Commission (SFC). Leading financial firms secure regulatory nods, signaling a welcoming stance towards digital assets and bolstering the region’s position in the burgeoning crypto ecosystem.

BTC/USD | Souce: TradingView

Bitcoin Halving’s Impact on BTC Price

Bitcoin halving events historically correlate with significant price fluctuations, triggering discussions about the crypto asset’s post-halving trajectory and potential price shifts. This pivotal event, reducing block rewards, has often influenced market dynamics, sparking both short-term volatility and long-term price appreciation in Bitcoin price. Let’s look at a brief recap of the same.

First Halving (November 28, 2012)
  • Immediate increase: Bitcoin doubled to over $30 within months post-halving.
  • Introduction of scarcity: Shifted Bitcoin’s perception to a store of value.
  • Precursor to future cycles: Established a pattern of reduced rewards influencing BTC price.
Second Halving (July 9, 2016)
  • Substantial surge: Bitcoin doubled to around $1,000 within a year of the event.
  • Reinforcement of scarcity: Further emphasized Bitcoin’s limited supply.
  • Boosted legitimacy: Increased media attention, affirming Bitcoin as an asset class.
Third Halving (May 11, 2020)
  • Volatility to peak: Bitcoin reached an all-time high, exceeding $29,000 by year-end.
  • Sustained scarcity impact: Continued reduction in new BTC supply influenced value.
  • Strengthened credibility: Solidified Bitcoin as a hedge against uncertainties, affirming its store of value status.
Fourth Halving (April, 2024)
  • Price: Bitcoin price has been rallying all through 2023, ahead of the halving – and this trend can be expected to continue. Historically, in the months following the halving – we have seen massive price hikes in Bitcoin.
  • Scarcity: The scarcity of Bitcoin will go up even more as the block reward for miners will be cut by another 50%, falling to 3.125 BTC for every verified block on the chain.
  • Deflationary Asset: This would further cement Bitcoin’s position as a truly deflationary asset in the broader financial market space.

How does Bitcoin halving impact the overall crypto market?​

Scarcity Boosts Demand
  • Bitcoin Halving decreases new supply, heightening scarcity and often sparking increased demand, historically aligning with upward price trends.
Volatility Surrounding Event
  • Anticipation and aftermath contribute to market volatility, with traders closely monitoring price fluctuations.
Market Sentiment Influence
  • Bitcoin Halving’s market sentiment significantly influences broader crypto trends, serving as a pivotal point for strategic decision-making.
Long-Term Price Appreciation
  • Post-Halving, Bitcoin’s intensified scarcity tends to lead to long-term price appreciation, impacting overall market valuations.
Ecosystem Impact
  • Bitcoin Halving ripples through supply-demand dynamics, affecting prices and sentiment, shaping the trajectory of various altcoins in the crypto ecosystem. The 2024 Halving is expected to amplify these dynamics.

Bitcoin Mining Statistics: Over 93.74% Mined Already!

Now that the Bitcoin Halving 2024 is live, the latest mining statistics reveal a significant milestone—over 93.74% of the total Bitcoin supply has been successfully mined. With a maximum supply capped at 21 million, the current total mined Bitcoin stands at 19,686,975. This accomplishment underscores the finite nature of Bitcoin, a key component of its value proposition.

Bitcoin’s decentralized network relies on miners to validate transactions and secure the network, a process rewarded with newly minted Bitcoin. As the mining process approaches its eventual completion, scarcity becomes an increasingly prominent feature, potentially influencing the crypto’s value dynamics.

*Data as of April 20, 2024.

How Miners are Preparing for Bitcoin Halving 2024?

Now that the Bitcoin Halving 2024 is completed, miners are adapting strategies encompassing efficiency, sustainability, diversified income, risk management, and collaboration. These measures aim to navigate the impact of halving events, ensuring profitability and innovation within the mining industry.

Efficiency and Scaling
  • Upgrading hardware with ASICs for faster solving and lower power consumption and optimizing mining setups in locations with cheaper electricity and renewable energy.
Energy Efficiency and Sustainability
  • Transitioning to greener energy sources to reduce the carbon footprint and exploring solar or wind power to lower energy costs and promote sustainability.
Diversified Income Sources
  • Exploring DeFi platforms, staking, or additional services for income diversification.
Strategic Risk Management
  • Utilizing options trading, hedging, and maintaining cash reserves for market volatility along with timing Bitcoin sales strategically to maximize earnings amidst price fluctuations.
Collaboration and Partnerships
  • Forming alliances within the mining community for economies of scale and competitiveness. Also, partnering with hardware manufacturers, energy providers, and financial institutions for technological advancements and financing.

Historic Bitcoin Halving Events

Bitcoin halving events, pivotal in Bitcoin’s history, instigate significant shifts in the crypto landscape. Back in January 2009, the Genesis block rewarded miners with 50 BTC per block, and since then, the process has happened roughly every 4 years. The next halving, tentatively in April 2024 at block 840,000, in the fourth Bitcoin halving, and will reduce block rewards to 3.125 BTC.
Event Date Block Number Block Reward BTC Price
Launch of Bitcoin
January 2009
0 (genesis block)
50 BTC
NA
First Halving
November 2012
210,000
25 BTC
$15
Second Halving
July 2016
420,000
12.5 BTC
$651
Third Halving
May 2020
630,000
6.25 BTC
$8800
Fourth Halving
April 20, 2024(IST)
840,000
3.125 BTC
$61,200
Next Halving
Sometime in 2028
1,050,000
1.5625 BTC
Yet to happen.

Why is Bitcoin Halving Undertaken?​

Bitcoin Halving is a deliberate and essential feature designed to regulate the crypto’s supply. The process, occurring every four years, reduces the reward miners receive for validating transactions by 50%. On every Bitcoin halving date, this reduction mitigates the inflation rate, preventing the rapid influx of new Bitcoin into circulation. By curbing supply, Bitcoin Halving sustains scarcity, aligning with its finite supply cap of 21 million coins.

The significance lies in its role as a deflationary mechanism, anchoring the crypto’s value proposition. As Bitcoin Halving curtails the creation of new BTCs, it enhances scarcity, thereby influencing market dynamics. This intentional scarcity fosters a delicate balance between supply and demand, reinforcing Bitcoin’s decentralized and finite digital asset appeal.

Bitcoin SV (BSV) Halving

Like its rival, Bitcoin, Bitcoin SV (BSV) also faces a predetermined Bitcoin Halving date scheduled for 2024. This mechanism halves miner rewards, reducing supply and potentially impacting BSV’s price and network.

After forking from Bitcoin Cash in 2018, BSV experienced its first halving in Feb 2020, dropping rewards from 12.5 to 6.25 BSV per block. The next halving, estimated for May 2024, will further decrease it to 3.125 BSV, triggering speculation about a potential price surge.

While historical data from the 2020 halving showed mixed results, the next Bitcoin Halving Countdown has many BSV enthusiasts holding their breath.

Bitcoin Cash (BCH) Halving

Bitcoin Cash (BCH) also embraces the Bitcoin Halving mechanism, slashing miner rewards every 210,000 blocks. This reduces BCH supply, mimicking Bitcoin’s scarcity and potentially influencing its price and network.

BCH witnessed its first halving in April 2020, cutting rewards from 12.5 to 6.25 BCH per block. Now, the Bitcoin Halving Dates mark April 2024 as the date for the next halving, potentially dropping rewards to 3.125 BCH.

Now that the Bitcoin Halving 2024 is live, the question of what BCH Halving is echoes among BCH enthusiasts. Whether BCH follows its historical precedent or charts a new course during the Bitcoin Halving live event remains to be seen.

Frequently Asked Questions

Bitcoin Halving refers to an event programmed into the Bitcoin protocol, cutting block rewards miners earn in half approximately every four years. This process reduces the rate of Bitcoin issuance, promoting scarcity and thus influencing Bitcoin’s supply mining.

Bitcoin Halving 2024 is live and it was successfully completed early on April 20, 2024, when miners achieved a block height of 840,000.

Historically, Bitcoin Halving events have been associated with price increases due to reduced supply and increased scarcity. However, price movements are influenced by various market factors, and while previous halvings have led to price surges, they don’t guarantee future outcomes. But current projections hint at a positive outcome.

Investors eyeing Bitcoin’s halving should consider market volatility and potential price fluctuations. Strategies might involve diversification, assessing risk tolerance, and possibly using dollar-cost averaging to spread investment over time.

Bitcoin miners are adapting their operations to optimize efficiency and profitability. This includes upgrading equipment, adjusting mining strategies, and assessing operational costs to remain competitive amid the reduced block rewards following the halving.

The final Bitcoin halving event is estimated to happen sometime in the year 2140. By this time, there will be 21 million Bitcoin in circulation, and no more Bitcoin will be created through mining. Miners will only be compensated through transaction fees.

The first Bitcoin halving happened back in November 2012, and the last Bitcoin halving happened back in May 2020. The most recent one took place early on April 20, 2024. 

Yes, Bitcoin halvings do have indirect effect on altcoins, as hype around Bitcoin brings more attention to the crypto market as a whole, and, thus, more attention on new, up-and-coming crypto projects and their tokens.

While pinpointing what 1 Bitcoin will be worth in 2024 is a speculative activity, price predictions based on technical analyses indicate that if the current momentum continues, Bitcoin price can create new all-time highs.

When all the Bitcoin is mined, no more Bitcoin can be created through mining and thus miners will be rewarded BTCs in the form of transaction fees.

There are roughly 31 Bitcoin halvings remaining until all Bitcoins are mined. This means the reward for mining new blocks will be cut in half 31 more times before the total supply of 21 million Bitcoins is reached. However, it’s important to note that this is just an estimate based on the current block generation time and halving schedule.

Yes, Bitcoin halving creates significant price volatility as halving directly impacts the mining reward structure, creating scarcity and pushing up demand. Additionally, the Bitcoin halving event has become a very hyped event happening every four years and thus remains at the focal point of attention.

Satoshi Nakamoto implemented a planned coin issuance schedule to create scarcity, control inflation, and mimic the attributes of precious metals like gold, providing a sound monetary policy for Bitcoin.

Bitcoin Halving Campaign Terms and Conditions

Bitcoin Halving Campaign (“Campaign”) commencing from 19th April, 2024 at 12:00 p.m till 29th April, 2024 at 11:59 p.m (“Campaign Period”) is open for a Participant, who:

(i) complies with onboarding requirements and any Campaign/ promotional event level requirement;
(ii) has a valid KYC and bank account linked with their CoinDCX wallet;
(iii) is a user already registered however, hasn’t commenced any transaction on CoinDCX platform.

Eligibility Criteria– (i) Participant shall trade for atleast INR 2500 during the Campaign Period;
(ii) The said first trade of the amount specified above has to be in spot or 250$ in futures markets;

Reward– Participant who meets the eligibility criteria shall be entitled to receive upto INR 1 lakh worth of Bitcoin.

General Campaign Terms

  • The Reward shall be credited to the Participant’s CoinDCX wallet on April 30, 2024 (“Payout Date”). However, if there is a technical failure or unforeseen circumstances, these timelines may not be met by CoinDCX. CoinDCX does not undertake any liability for the same.
  • Participants who would have multiple sign ups from the same device will be disqualified to avail any reward. Further, CoinDCX shall have a right to reverse any rewards received during the Campaign Period.
  • The manner in which Reward be distributed shall be as per the internal process followed by CoinDCX.
  • CoinDCX shall have the sole right and discretion to decide and declare the eligible Participants for the Campaign. The Participants hereby waives all rights to dispute any decision of CoinDCX in this regard and CoinDCX does not undertake any liability, responsibility or guarantee towards any Participant.
  • CoinDCX holds all rights to revoke the reward or any rights therein in case of any fraud, breach of network security, misrepresentation, negligence, any activity in order to avail the reward by any illegal or immoral means, breach of applicable law or terms herein by any User. CoinDCX shall have a right to proceed against the Participant in a manner as CoinDCX may deem fit.
  • CoinDCX reserves the right to discontinue, suspend, modify, cancel the Campaign or any terms contained herein for any or all of its Participant(s).
  • The Participants, by participating in this Campaign, hereby agree and grant their consent to CoinDCX for sharing their in-app activity with each other including any survey, statistics etc.
  • The Participants shall indemnify and keep CoinDCX indemnified at all times for and against any loss, costs, damages, expenses, liabilities, claims arising out of any breach by the Participants of the terms contained herein or of any applicable laws.

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