What’s Waiting on the Upcoming Bitcoin (BTC) Halving in 2024?

• The upcoming Bitcoin halving is yet to happen by 2024. 
• Currently, the BTC halves stand at 6.25 which was set by 2020.

The exciting conceptual event where the reward for the transactions of Bitcoin (BTC) mining is getting half the cut is termed ‘Bitcoin Halving’. The basic cut-off for the current year 2023, is yet 6.25 BTC which then completes by the next year. This halving cycle is where the current holding year stands for the 4th consecutive cycle. 

The forthcoming Bitcoin halving will reduce by 3.125 which would probably end up with the reduction of the reward towards 0. 

Brief on Bitcoin (BTC) Halving

The maximum limit of Bitcoin held in the current market supply stands at 21 million, 92.49% of which has been in circulation where the exact count falls by 19,423,618 BTC. 

This further continues to pursue the block reward till the year 2140 for the final halves at the consideration. According to its 2019, the first ever BTC halving started with 50 BTC.

This has then cut off to 25 BTC at the second Bitcoin halving happened in November 2012. When Bitcoin halving occurs, the number of tokens gets rewarded and this is because the demand for Bitcoin needs to be raised. 

What if No Bitcoin Remains?

Considerably, the new block findings happen every ten minutes or less. With the time constraint kept for every BTC mine, the days in which the block findings require longer than usual for 1461 days i.e., four years in total.

In the case of Bitcoin mining, the last Bitcoin will get mined in the year 2140 where the blockchain remains yet the negligible reward will be received on the consecutive times.

Henceforth, there awaits a huge turn back when the next Bitcoin halving happens in the upcoming 2024. This of course reduces the current block reward to 3.125. Evidently, this will increase the demand and value of BTC in further years. 

Related Crypto News:

Bitcoin (BTC) Makes New Yearly High of $31.5K. What’s Next?