- Today marks the seventh anniversary of the second Bitcoin halving event.
- CoinGecko invites Twitter followers to celebrate the Bitcoin halving occasion.
- The next anticipated Bitcoin halving is projected to occur in April 2024.
Today commemorates the seventh anniversary of the second Bitcoin halving event, a significant milestone in which the block reward for Bitcoin was reduced from 25 BTC to 12.5 BTC. CoinGecko, a prominent crypto aggregation platform, has extended an invitation to its Twitter followers to partake in celebrating this occasion. Additionally, CoinGecko has highlighted that the next anticipated Bitcoin halving is projected to occur in April 2024.
CoinGecko’s tweet featured a comprehensive chart illustrating the Bitcoin halving protocol, which encompasses curves depicting the trajectory of BTC supply and the gradual reduction in block rewards. This protocol entails a gradual decrease in the overall BTC supply, resulting in a diminishing number of new Bitcoins entering the system until the year 2140.
The mining reward curve demonstrates a gradual reduction in block rewards following each quadrennial Bitcoin halving event. This trend is expected to persist until the year 2140, marking the culmination of Bitcoin mining and the final introduction of new Bitcoins into the network.
The Bitcoin halving is an immensely consequential event at the Bitcoin protocol’s core. Occurring once every four years, it serves as a crucial mechanism to combat inflation by upholding the scarcity of BTC. Embedded within Bitcoin’s mining algorithm, the halving policy has been successfully implemented on three separate occasions, further solidifying its integral role in the cryptocurrency ecosystem.
The inaugural Bitcoin halving occurred on November 28, 2012, reducing the block reward from 50 BTC to 25 BTC. Subsequently, on July 9, 2016, Bitcoin underwent its second halving event, leading to a significant reduction in the block reward to 12.5 BTC. The third Bitcoin halving occurred on May 11, 2020, marking a momentous occasion where miners began earning 6.25 BTC for each block they successfully mined.
The upcoming Bitcoin halving event, marking the fourth occurrence, will result in a reduction of the block reward to 3.125 BTC. This adjustment will consequently decrease the rate at which new Bitcoin is introduced into the network, ultimately enhancing its scarcity. As a result, industry experts anticipate a substantial impact on cryptocurrency’s price.
