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Bitcoin Now Officially Halfway Towards Its Third Halving

Cryptocurrency May 08, 2022 08:30AM ET
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© Reuters. Bitcoin Now Officially Halfway Towards Its Third Halving
 
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  • Bitcoin halving happens every four years and after each halving, BTC’s supply rate decreases by 50%.
  • Bitcoin has now officially crossed the halfway line towards its third halving.
  • 105,000 blocks of the 210,000 have already been mine since 2020.

Bitcoin halving happens every four years. After each halving, BTC’s supply rate decreases by 50%. This means that at the current rate, the process will likely continue until 2140, when the last Bitcoin is mined.

Bitcoin has now officially crossed the halfway line towards its third halving. This happened after block 735,000 was mined on Thursday by Poolin, earning 0.16215354 BTC. The BTC community believes this is a bullish sign for its price as the issuing rate is reduced by 50%.

Like all the others in the past, this halving cycle has 210,000 blocks available to be mined and half of them have, 105,000 blocks, have already been mine since 2020.

The next halving is expected to happen in Q2 of 2024 and will cut Bitcoin’s supply rate by 50% which will most likely cause another “supply shock”. Currently, about 90% of the 21 million BTC has already been mined, which means less than 7% of the total supply will still be available as the network starts its fourth halving cycle.

Another important thing to note is that the mining hash rate hit an all-time high (ATH) at 249.1 exchanges per second on Wednesday, just before the second half of the halving started. Since then, the metric trended downward as the crypto selloff deepened.

Bitcoin’s system is designed to trim the number of each block’s rewards by half after the next halving which will happen in two years. This means that miners who receive BTC for validating on-chain transactions will thus only gain 3.125 BTC for each block they mine.

Bitcoin’s history indicates that a violent upward price action occurs after each halving.

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Bitcoin Now Officially Halfway Towards Its Third Halving
 

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