Halfway to Next Bitcoin Halvening in 2024
Whoah! We’re halfway there! Today is the approximate halfway marker to the next BTC halving. Bitcoin last halved on May 11, 2020, approximately 3:00 p.m. EST, resulting in a block reward of 6.25 BTC per moving forward per block mined.
Check out this live Bitcoin “Halvening” countdown clock website to keep an eye on the next big reward drop!
It’s wild to think that when Bitcoin first arrived on the scene in 2009, the reward for mining a block was 50 BTC (oh to have been early to the party!). The very first BTC halving took place on 28 November 2012 nearly 10 years ago which cut the reward, obviously, in half — making the reward for a mined block then only 25 BTC per block which is still pretty incredible looking back.
In 2016 on July 9th, the every 4 year event took place again splitting the reward in half once more as the crypto world entered a new era of a 12.5 BTC reward per mined block as the price inched closer to $1,000 CAD per Bitcoin. The sky was truly the limit.
Fast forward to the present where we are now halfway toward the 4th bitcoin "halvening" and rapidly approaching the 3.125 BTC per block drop.
So, what does all this mean? Why is halving important?
Bitcoin halving causes a shift in the supply and demand balance, and historically has led to an exponential rise in the price of Bitcoin if not shortly after, within the next 12 months or so. Some refer to the halving as “the backbone of the value of Bitcoin” as it marks another drop in the rate of new bitcoins being produced. Much like gold and other precious metals, the more rare, the more scarce — the more value bitcoin holds in theory.
Less technically, the every 4 year event seems to spark a hype cycle, pushing the price even higher — although this is usually followed by a sharp correction.
Watch this short video to help explain the importance of Bitcoin halvings.
Are you going to load up on some coins before then next halvning by building up your BTC stash? Halvings approach rapidly and MyBTC.ca is here for you so you can tuck those Bitcoins under your mattress for safe keeping while the reward is still double what it will be post halving #4 in 2024.
Never too late to be early when adding to your Bitocin stockpile with MyBTC.ca!