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Around this time now, Bitcoin's predetermined monetary policy is expected to undergo its next halving event. Are you ready for Bitcoin halving 2024?
As the crypto community eagerly anticipates this landmark occasion, let's take a deeper look at what the Bitcoin halving cycle entails and what it could mean for the future of the pioneering cryptocurrency.
The first Bitcoin halving happened in November 2012, reducing the subsidy from 50 to 25 BTC. In July 2016, it halved again to 12.5 BTC. Most recently, in May 2020, it dropped to the present 6.25 BTC figure.
On each occasion, Bitcoin's price rallied strongly in the following months. For example, in 2020, as the third halving reduced rewards to 6.25 BTC, COVID-related uncertainty gripped traditional markets. Meanwhile, Bitcoin rallied over 300% within a year as major institutions like Tesla acquired holdings.
It rose from around $10,000 to peak at an all-time high of $69,000, showing the profound impact the Bitcoin halving cycle can have. Let’s continue to explore more and understand thoroughly!
The fundamental reason for Bitcoin's fixed halving schedule is to ensure a gradual reduction in its long-term inflation rate. The Bitcoin halving cycle happens precisely every 210,000 blocks, or roughly every 4 years.
This predictable issuance schedule contrasts with fiat currencies, whose supplies fluctuate unpredictably. It introduces a sense of consistency for investors, making them less susceptible to external market forces.
With a maximum supply of 21 million BTC that will be completely mined by 2140, slicing rewards in half maintains scarcity as more of the resource is introduced into circulation over time.
This precisely controlled monetary policy sets Bitcoin apart from traditional currencies subjected to a central bank's discretion.
On the surface, halving decreases mine profitability. However, the corresponding price increases spurred by reduced supply have consistently counterbalanced this effect.
Most view Bitcoin halving as positive—it reinforces Bitcoin's scarcity and long-term value proposition. Still, short-term volatility around the events isn't unprecedented.
Yes, according to its predetermined schedule, the next Bitcoin halving is expected to occur around April 20th, 2024, so it can happen any time now. This will reduce the block reward from the current 6.25 BTC down to 3.125 BTC—another cut in half.
Already, the crypto community has started anticipating the implications, with many analysts predicting the incoming crypto bull market could surpass all previous cycles. You can check out “Bull and Bear Market” to explore further!
Amidst many other ongoing developments, like increasing geopolitical instability and rampant monetary expansion, the Bitcoin halving 2024 may reinforce interest in hard-capped, decentralized assets like Bitcoin as a hedge.
EURK, backed by real reserves in multiple jurisdictions, can enable additional participation through affordable, transparent transactions powered by its various blockchain integrations.
As the best euro stablecoin and euro stablecoin platform, EURK is 1:1 pegged to euro currency and has reserves in Swiss banks to maintain its peg and therefore stability. As the crypto market is very volatile, EUR stablecoins such as EURK offer security, stability, and efficiency.
You can easily adapt EURK euro stablecoin into your projects and benefit from the advantages of decentralized finance with robust security. To keep your EURK assets safe, all you need is a secure euro stablecoin wallet!
Calculations predict that thenext Bitcoin halving will occur at block #877,000 on April 20th, 2024. Therefore, today is an exciting day for the crypto market and the future of cryptocurrency.
However, the precise date could end up being a few days later, depending on network conditions and how quickly miners process transactions during this period.
Nevertheless, it's safe to say the fourth halving will fall sometime in April 2024. At that point, the mining reward will decrease from the current 6.25 BTC per block to 3.125 BTC, further transforming Bitcoin into an even more intrinsically scarce digital asset.
To summarize the major events so far:
November 2012: Initial halving from 50 to 25 BTC
July 2016: Second halving from 25 to 12.5 BTC
May 2020: Third halving from 12.5 to 6.25 BTC
Estimated April 2024: Fourth halving to 3.125 BTC
Each Bitcoin halving sets in motion cycles of uncertainty, reduced mining profitability, and speculative buying, along with multi-year bull markets driving new all-time high valuations. The anticipation is palpable, as 2024's deadline is almost here, so get ready!
From a technical standpoint, the Bitcoin halving 2024 event's most immediate impact will likely include a drop in average block arrival times as mining becomes less profitable. This could trigger short-term network congestion.
However, over the long run, the decreased issuance rate further confirms Bitcoin's identity as a fully-defined, finite, and deflationary digital commodity.
It continues to empower the blockchain with reliability and efficiency—necessary traits for achieving worldwide adoption as both an investment asset and a payment network.
As the previous Bitcoin halvings demonstrated, their economic effects tend to materialize gradually in the years following. Already, 2024's looming reduction in miner subsidies is boosting discussion of Bitcoin's potential as a macro hedge in times of high inflation.
History also indicates that another multi-year crypto bull run cycle may emerge after halving. Some researchers have predicted the realization of a $100,000 price target.
More importantly, ongoing reductions in annual issuance will continue to legitimize BTC in the eyes of mainstream investors seeking a capped-supply, hard-money alternative to fiat currencies.
All available evidence indicates that each Bitcoin halving to date has been a major catalyst propelling BTC to new all-time highs over the next 2–3 years.
A "perfect storm" of increased perceived scarcity, amplified media narratives, hype within the crypto community, and a steady wall of investor money flowing in is likely driving this booming demand. While short-term volatility persists, the cycle's long-term trend remains upward.
Analysis suggests 2024 could start another epic crypto bull run, surpassing $100,000 by 2025–2026. A long-term buy-and-hold approach seems strategically sound for serious investors and crypto traders.
The diminishing crypto mining rewards pose serious challenges to profitability. It may force less efficient operations to shut down. However, top-tier crypto miners can leverage scale advantages to sustain margins and fuel ongoing technological progress.
Improvements in chip design, renewable energy usage, and geographic diversification will be crucial. Some miners are already betting big on this, stockpiling millions in next-gen ASICs. By 2025, the total crypto hash rate should increase regardless of reward reduction, pointing to network health.
The next Bitcoin halving in April 2024 will reduce the block reward to 3.125 BTC from the current level of 6.25 BTC, according to Bitcoin's built-in halving schedule.
Following 210,000 blocks, or approximately every 4 years, the hard-coded reward is programmed to halve, thus continually reducing Bitcoin's annual issuance rate over time.
For miners, this will pose new challenges to remaining profitable. However, it will also foster ongoing innovation and specialization to optimize operations.
Wise crypto traders approach major events, such as Bitcoin halvings, both strategically and cautiously. History suggests accumulation in the 12–18 months prior, followed by profit-taking as volatility climbs closer to the date.
For active investors, potential crypto trading strategies include crypto derivatives to hedge spot holdings, incremental purchases on dips, or scaling exposures in anticipation of price momentum after the fact.
However, with uncertain outcomes, dollar cost averaging or simply holding for long-term gains may carry less risk for most. You can check out “How to trade crypto and make a profit?" and “What is the best crypto exchange to day trade on?” to explore more details!
Bitcoin's pioneering blockchain and regularly scheduled halving mechanism work hand-in-hand to foster long-term macrotrends.
As Bitcoin halving 2024 can happen at any time now, the next award reduction is again set to evaluate market resilience and impact holders, miners, and traders in complex ways.
For many, it marks an opportunity to strategically prepare their positions amid heightened volatility. The continued support and upgrades from the wider cryptocurrency industry suggest that the network will progress forward yet again after its next programmed emissions changes.
If you like to follow more exciting news about the crypto, stablecoin, and blockchain markets, you can follow EURK blogs. Also, you may want to make more risk-free choices with secure stablecoins. In this regard, EURK is here for you. Become a partner today and explore euro stablecoins with EURK!
