The Bitcoin halving is an important event that occurs approximately every four years. During this event, the block reward provided to miners is reduced 50%. The current Bitcoin block height is less than 365 days from the next halving event, expected to occur on April 28, 2024. Once all 32 halving events have occurred, no more bitcoin will be created as the maximum supply will have been reached.
Halvings are significant because they ensure that coins will be issued steadily, following a predictable decaying rate. Such a controlled monetary inflation rate is one of the main differences between cryptocurrencies and traditional fiat currencies, which have an infinite supply. Bitcoin Halving is an essential function of the Bitcoin Protocol, and the code can be found on the Bitcoin Core Github.
As of July 2019, there have only been two previous Bitcoin Halving events. These occurred on the 28th of November, 2012, and the 9th of July, 2016. At the time of the first halving event, the price of Bitcoin was $12.31, and at the time of the second halving event, the price of Bitcoin was $650.63.
It is important to note that our countdown timer for the halving event factor in live blockchain statistics provides a more accurate estimation of the current average block time. According to Binance Academy, the Bitcoin halvings timer is calculated using the following formula:
(Halving block – Next block height) * Average time between blocks – estimated time until the next block.
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