Only a hundred days are left till the Bitcoin halving event is conducted, and here’s all you need to know about it.
‘Halving’ is a crypto event that occurs after a specific number of blocks have been mined. For the Bitcoin network, this event is triggered after every 210,000 blocks, which are mined in approximately four years. During a halving event, the block reward, or the number of coins awarded for mining one block on the Bitcoin network, is cut by half.
Bitcoin halving
One of the most anticipated events in the crypto industry is almost here. Bitcoin’s halving event is estimated to occur on May 12. This means that in just a hundred days, the mining reward of the Bitcoin network would be cut by half. It is expected that the Bitcoin price would skyrocket after the event as the asset would become much more scarce than it currently is.
Many analysts predict that the price of the asset would rise, but there is some disagreement as to when the bulls will take over. Some predict that the price would start swelling before the halving and would continue the trend after the event is conducted. Meanwhile, others are of the view that price movement will begin only after the halving is conducted.
In previous halvings that occurred in 2012 and 2016, the price of Bitcoin hit bottom around 200 days before the halving and then started to climb up. Following this trend would mean that Bitcoin’s price has hit bottom in the Fall of 2019 and is currently moving upwards. However, there is no way to guarantee that this Bitcoin halving will follow the same route as previous halvings.
Featured image by pixabay.
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