# 5 Facts About Bitcoin Halving 2024 You Need to Know!

5 Facts About Bitcoin Halving 2024 You Need to Know!

According to the countdown on Bitcoin Halving Coinmarketcap, the halving is expected to occur on April 20, 2024. Interesting facts about Bitcoin Halving 2024 will be discussed in this article.

### Reward per Block Decreases from 6.25 BTC to 3.125 BTC

As the name suggests, "halving" refers to the decrease in the reward per block of Bitcoin received by miners to half of its previous value. As of the writing of this article (4/19/24), the reward per block is 6.25 BTC, so after the 4th halving, it will become 6.25/2 = 3.125 BTC per block.

There is a formula to determine the reward per block of Bitcoin for each halving that has occurred, as shown in the image above. For the reward after the 4th halving but before the 5th halving, input n = 4 to obtain a reward per block of 3.125 BTC.

#### Read Too : Bitcoin and Ethereum ETF in Hong Kong Predicted to Reach US$1 Billion AUM

### Only 6.25% of Bitcoin Remains to Be Mined

At the exact moment of the 4th halving, the remaining Bitcoin yet to be mined is 6.25% of the maximum supply (21 million BTC) or 1,312,500 BTC. In other words, 19,687,500 BTC had already been successfully mined right when the 4th halving occurred.

To calculate how much Bitcoin remains to be mined at a certain halving, you can use the formula above.

For example, to determine the remaining Bitcoin yet to be mined at the 4th halving, first calculate the reward per block at the 3rd halving, which is 6.25. Then, the Bitcoin remaining to be mined at the 4th halving is 6.25% or 6.25% x 21 million = 1,312,500 BTC.

### 28 Bitcoin Halvings Remain

Although only 6.25% of the maximum supply of Bitcoin remains to be mined, it doesn't mean that it will take a short time to mine the rest. In fact, there are 28 Bitcoin Halvings after the 4th halving, which is approximately 112 years to mine all the existing Bitcoin (assuming each halving occurs every four years).

This is because the halving algorithm halves the block reward, significantly slowing down the emission rate of Bitcoin into circulation. This algorithm is akin to mathematical calculations in an infinite geometric series.

However, instead of calculating to infinity, halving has a limit of 32 halvings. This is because at the 32nd halving, the reward per block reaches the smallest unit of Bitcoin, namely satoshi, so it cannot be divided further by the halving algorithm.

### Longest Halving Interval

The interval between the 3rd halving and the 4th halving becomes the longest interval compared to previous halvings, which is 1,435 days (about 3 years and 11 months). The number of days between the first and second halving is 1,316 days, and the number of days between the second and third halving is 1,407 days.

In general, the time between Bitcoin halvings is rounded to about four years. In reality, the time between halvings is 210,000 blocks of Bitcoin. Assuming an average block production time of 10 minutes, this converts to 3.99 years, which is rounded to four years. This is the basis for the assumption of Bitcoin halving occurring every four years.

However, in practice, the average time per halving interval is not the same. Even the exact time in producing one Bitcoin block is uncertain. Network congestion can cause block production time to be longer.

Seeing that the interval between the 3rd and 4th halving is the longest, it can be said that the average block production time of Bitcoin in this interval becomes the longest. This can be considered reasonable because Bitcoin has begun to gain more usage adoption than just transaction transfers.

### Bitcoin Price Hits New ATH Before Halving

In the three previous halvings, the price of Bitcoin would reach a new all-time high (ATH) after the halving. In the first halving (11/28/12), the BTC price set a new ATH in 2013. In the second halving (7/9/16), a new ATH occurred in 2017. In the third halving (5/11/20), a new ATH occurred in 2021.

This time is different, as the BTC price set a new ATH in the range of US$73,800 (3/14/24), previously US$69,000 in November 2021, which occurred before the 4th halving.

The faster increase in BTC price is likely due to high demand from large institutions. This coincides with the emergence of Bitcoin spot ETF filings in the US until approved, and continues to this day.

Bitcoin spot ETF issuers such as Blackrock, Fidelity, and ARK Invest gradually accumulated BTC after the ETF was approved. Meanwhile, MicroStrategy, led by Michael Saylor, regularly increases BTC holdings up to 1% of the circulating Bitcoin supply.

### Conclusion

the Bitcoin community eagerly anticipates the forthcoming halving event slated for April 20, 2024, as indicated by the Bitcoin Halving Coinmarketcap countdown. This article has shed light on five crucial facts surrounding the Bitcoin Halving of 2024.

Firstly, the halving mechanism, which cuts the reward per block in half, will see the reward decrease from 6.25 BTC to 3.125 BTC following the 4th halving. Secondly, with only 6.25% of Bitcoin's total supply left to be mined after the 4th halving, the process will continue for an estimated 112 years, encompassing 28 additional halvings.

Furthermore, the interval between the 3rd and 4th halving stands out as the lengthiest yet, reflecting the evolving dynamics of Bitcoin's network and its increasing adoption beyond simple transactions. This prolonged interval suggests a maturation of the Bitcoin ecosystem.

Notably, the pattern of Bitcoin reaching new all-time highs (ATH) after halving events has deviated in the case of the 2024 halving, where the ATH was reached prior to the event. This deviation is attributed to heightened institutional demand, bolstered by the introduction and ongoing approval of Bitcoin spot ETFs in the US.

The active participation of major institutional players like Blackrock, Fidelity, ARK Invest, and MicroStrategy underscores the growing institutional interest in Bitcoin. Their gradual accumulation of BTC holdings indicates a long-term commitment to the asset, shaping its trajectory beyond the halving event.

In summary, the Bitcoin community awaits the 2024 halving with anticipation, armed with a deeper understanding of its implications and the broader context of Bitcoin's evolving ecosystem and market dynamics.

### *Disclaimer:

This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.