Bitcoin Halving is happening this year on 20-April 2024. It occurs after every four year, starting from 2012.
Crypto industry is so much excited with this event. As it reduces the reward of the Bitcoin miners by half,the price of Bitcoin can surge.
Previous Bitcoin Halving Dates
The halving events of Bitcoin started from year 2012. And, it was repeated after the interval of four years.
Here is the list of previous Bitcoin Halving Dates:
1. First Halving: 28 November 2012
2. Second Halving: 9 July 2016
3. Third Halving: 11 May 2020
4. Fourth Halving: 20 April 2024 (expected)
How often does Bitcoin Halving happen?
The halving event of Bitcoin usually happens after the interval of 4 years. Before year 2024, three having events happened in year 2012,2016 and 2020.
What Does Bitcoin Halving mean?
Literally, halving means decreasing by half. Bitcoin halving is a special event which reduces the reward for Bitcoin mining by half.
Suppose, if they were getting two Bitcoin, as a reward, for solving 100 Bitcoin transactions, they will now get only one Bitcoin as a reward for the same amount of work.
What Happens to Bitcoin Price After Halving
As per the history of previous halving events, the Bitcoin price pumped hard. After each halving event the Bitcoin made its new all time high, breaking its previous.
After Ist halving, in 2012, Bitcoin touched around $1,000 fro just $13.
After Second halving, in 2016, it reached up to $20,000.
After Third halving, in 2020, Bitcoin surpassed $60,000.
Why Does Bitcoin Halving Increase Price
There are many reasons behind the price hike after the Bitcoin halving. The most important one is the reduction in supply of Bitcoin.
With each halving event the bitcoin supply decrease by half.Thus less number of new Bitcoins enter into the market, however, demand increases. This increases the price of Bitcoin after its halving.
Bitcoin Price After Next Halving in 2024
Even before the 2024 halving of bitcoin it made a new all time high of around $74,600. Going by the previous data, it is estimated that after next halving in 2024 Bitcoin would cross $150,000 and may touch around $180,000 mark.
The path to the new all time high, however, may not the cake walk.There may be sudden corrections and periods of bear market before bitcoin reaches its new mark.