Every four years, the amount of new bitcoins produced is reduced by half on halving day. This implies that in a Bitcoin halving event, the reward given to network protectors is decreased by 50%, leading to a direct impact on the rate of new Bitcoins entering circulation. The day when the reward is cut in half is known as the halving day. It is a very important event in the cryptocurrency landscape and has happened three times since Bitcoin was launched. Let’s examine the history chart of Bitcoin halving to understand more.
What is Bitcoin Halving History Chart ?
The Bitcoin Halving History Chart visually displays the halving occurrences’ chronological sequence and influence. Usually, it displays the dates of the halving events, and the alteration in mining rewards, and frequently incorporates the bitcoin price fluctuations of Bitcoin throughout history. These charts can help comprehend the cyclical patterns of Bitcoin’s supply and how it may impact the market. Now, let’s examine how dates are halved as time progresses.
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First Halving – November 28, 2012
The initial Bitcoin halving occurred once the network had verified 210,000 blocks. Miners had their rewards cut in half from 50 to 25 bitcoins per block. At the time of halving, the price of Bitcoin was $12.20 in the market. After the halving, a bull run ensued where Bitcoin prices surged to $1,000 by the end of 2013.
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Second Halving – July 9, 2016
After four years, the second halving event occurred in 2016 with a total of 420,000 blocks reached. This led to a reduction in the mining reward, dropping from 25 to 12.5 per block. There were uncertainties about Bitcoin prices before the halving occurred. However, BTC was trading at $650.3 during the event and gained traction in May 2017, eventually reaching a peak of around $19,188 by December of the same year.
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Third Halving – May 11, 2020
The third halving event occurred following the processing of 630,000 blocks. Miners’ Bitcoin rewards were halved from 12.5 to 6.25 per block. This occurrence was felt as the top cryptocurrency became more entrenched in the financial industry. BTC started at $8,821.42 before quickly rising to $10,943 150 days later. The coin reached its highest value ever at $69,000 in November 2021.
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Upcoming Fourth Halving – 2024
The upcoming halving according to CoinMarketCap is projected to take place after 840,000 blocks have been processed; on April 17, 2024. Miners expect their rewards to be reduced further from 6.25 to 3.125 bitcoins per block. There is a lot of speculation among enthusiasts and investors regarding how the halving will affect the market, leading to anticipation.
The next halving is estimated to occur on April 17, 2024, at block 840,000. This event will reduce the mining reward from 6.25 to 3.125 bitcoins per block. It is anticipated with much speculation regarding its impact on the market.
According to experts, the upcoming halving could be different because of spot Bitcoin ETFs. These EFTs allow more investors, financial advisors, and capital allocators to access Bitcoin, potentially leading to increased mainstream adoption. The approval of US spot Bitcoin ETFs resulted in $1.5 billion in net flows within the first 15 trading days, equivalent to three months of sell pressure post-halving. Continued net inflows could counterbalance mining issuance sell pressure, with the potential to fundamentally transform Bitcoin’s market structure positively.
Conclusion
Throughout history, every Bitcoin halving has led to an increase in BTC’s value, with some variations in both magnitude and timing. Halving cuts the speed of new Bitcoin creation, leading to a decrease in supply, which may cause a bullish market response. However, a variety of elements like market sentiment, investor actions, and worldwide financial circumstances can impact the precise result.
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