Bitget Research Institute: The current Bitcoin block height is 820,106, and there are less than 150 days remaining until the halving

Author: Bitget Research Institute

What is Bitcoin Halving?

Every time the Bitcoin blockchain produces 210,000 blocks, the Bitcoin block reward is halved. This halving occurs approximately every four years, with the 4th Bitcoin halving expected to take place on April 23, 2024, at a block height of 840,000.

After each halving, the block reward for Bitcoin decreases, starting from an initial reward of 50 BTC per block to the current reward of 6.25 BTC, which will drop to 3.125 BTC during the 2024 halving event.

Since each halving programmatically reduces the rate of Bitcoin production, it decreases the issuance speed of Bitcoin, thereby having a significant impact on Bitcoin's price. Historically, each Bitcoin halving has been closely related to bull market cycles in the entire cryptocurrency market.

Bitcoin Halving Cycles and Market Trends

So far, Bitcoin has undergone three halvings, referred to as halving cycles in the industry.

First halving cycle: 2012.11.28-2016.07.10. This halving cycle led to two bull markets in April and November 2013, with the first bull market seeing Bitcoin's price rise from $12 to $288, an increase of 2300%; the second bull market saw Bitcoin's price rise from $66 to $1242, an increase of 1782%.

Second halving cycle: 2016.07.10-2020.05.12. This halving cycle resulted in a bull market in December 2017, where the price of Bitcoin rose from $648 to $19,800, an increase of 4158%.

Third halving cycle: 2020.05.12-? This halving cycle led to two bull markets in April and November 2021, with the first bull market seeing Bitcoin's price rise from $8,181 to $64,895, an increase of 693%; the second bull market saw Bitcoin's price rise from $29,296 to $69,000, an increase of 135%.

Bitcoin Halving Block Rewards and Production Data

The Bitcoin halving rules originate from Satoshi Nakamoto's specifications in the Bitcoin white paper "A Peer-to-Peer Electronic Cash System."

Satoshi Nakamoto stipulated that the Bitcoin reward would be halved every 210,000 blocks until the block reward reaches 0 in the year 2140, with a total fixed issuance of 21 million Bitcoins.

Thus, halvings have occurred at block heights of 210,000, 420,000, and 630,000. The current Bitcoin block height is 820,106, and when it reaches 840,000, the fourth halving will occur, reducing the block reward from the current 6.25 BTC to 3.125 BTC.

Price Performance Data of Bitcoin Halvings

Bitcoin halving events are closely related to bull market cycles in the entire cryptocurrency market. Historically, after each halving occurs, Bitcoin's price has rapidly increased within 6 to 18 months, reaching new all-time highs. Therefore, the impact of Bitcoin halving on market trends is of great interest within the industry.

Will the Next Bitcoin Halving Drive BTC Prices Up Again?

Original link: https://www.bitget.com/zh-CN/bigtime/bitcoin-halving