The next Bitcoin halving may be only 100 days from now
The next Bitcoin halving event — which will see the block reward for miners on the network drop from 6.25 to 3.125 — is now approaching and just 100 days or approximately 14,500 blocks away, according to estimates from CoinGecko.
The estimated countdown is based on Bitcoin’s average block generation time of 10 minutes, setting a potential date of April 22 as things stand.
Bitcoin halvings are programmed to occur automatically every 210,000 blocks, roughly every four years. Once hit, miners will receive 50% less in Bitcoin rewards for every block they verify and add to the blockchain. However, they will continue to earn additional transaction fees per block as normal.
There have been three halving events in Bitcoin’s history so far, reducing its block reward inflation from 50 to 25 BTC in 2012, then to 12.5 BTC in 2016, and 6.25 BTC at the last halving on May 11, 2020. In the long term, there will be only 21 million bitcoins in existence. The halving events will continue until the last bitcoin is expected to be mined around the year 2140. After this, miners will only earn from transaction fees.
Historically, Bitcoin halvings have been associated with significant fluctuations in the cryptocurrency’s price. While there is not a direct cause-and-effect relationship, these events have often preceded substantial bull runs in the bitcoin market.
Last month, analysts at spot bitcoin ETF issuer VanEck said they expected the event to pass with ‘minimal drama,’ with bitcoin rising above $48,000 post-halving and miners seeing little distress thanks to much-improved balance sheets.
The analysts then expect bitcoin to climb a ‘Presidential-sized wall of worry’ in this U.S. election year to reach an all-time high by November and an ultimate cycle peak of up to $160,000. ‘If Bitcoin reaches $100,000 by December, we make a long-shot call that Satoshi Nakamoto will be named Time Magazine’s ‘Person of the Year’,’ they said.