Bitcoin Halving History – All You Need to Know
Bitcoin halving is a significant event in the cryptocurrency world. When it happens, mining rewards are reduced by 50%. Historical data indicates that the previous halving occurrences have had a great impact on the demand and supply mechanics and Bitcoin’s price.
Since BTC went live in 2009, three halvings have happened. The fourth halving is expected on April 20th, 2024. In this article, you will learn about the Bitcoin halving history and the expectations for this year’s halving event.
Where to Purchase Bitcoin Before 2024’s Bitcoin Halving
If you wish to buy Bitcoin before the halving event, here are some of the recommended centralized exchanges that list the coin.
Coinbase: This exchange is ideal for crypto users in the United States. It is highly regulated and offers an easy-to-navigate user interface. Regarding trading fees, expect to pay roughly $2 per transaction.
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OKX: With a presence in over 160 countries, OKX seeks to onboard as many people as possible to blockchain. The exchange supports multiple payment methods, which allow users to buy Bitcoin easily. The trading fee ranges from 0.07% to 0.1%.
Binance: As a leading exchange by trading volume, Binance boosts deep liquidity that enables users to buy BTC quickly. Its trading fees are relatively cheaper than the other two exchanges.
Understanding Bitcoin Halving
As mentioned earlier, Bitcoin halving is intended to cut block rewards by half. The event usually happens every four years. It takes place when 210,000 blocks get mined on Bitcoin.
The halving event plays a critical role in the Bitcoin ecosystem. It minimizes the rate at which new BTC enters the market, thus stabilizing Bitcoin’s price by ensuring that the supply matches the demand. As of April 2024, miners have mined more than 19 million Bitcoins of the 21 million. Halving will continue until all the coins enter the circulating supply.
Analysts expect that 32 halving events will occur. As stated, only three have happened so far. The first one took place in 2012 when block rewards were reduced to 25 BTC from 50 BTC. The second halving event occurred in 2016 when miners saw their rewards decline to 12.5 Bitcoin. The recent halving was in 2020. At that time, block rewards dropped further to 6.25 BTC. In 2024, those rewards are expected to fall to 3.125 BTC.
According to blockchain analysts, the last Bitcoin halving will happen in 2140. After that, miners will shift their focus solely on transaction fees.
What Are the Common Misconceptions About The Halving Event?
The Bitcoin halving is an event that is surrounded by several misconceptions, which include:
1. The halving leads to an instant rise in Bitcoin’s value: While the previous halvings have caused Bitcoin’s price to surge, the rallies have not been as immediate as most people think. It may take several months for Bitcoin to rally.
2. The halving discourages miners: Many believe that the Bitcoin halving events make mining an unprofitable business, causing miners to exit the space. But that’s not the case. Bitcoin’s rising price increases the value of mining rewards, thus helping miners to remain profitable.
3. The halving only happens on the Bitcoin blockchain: Although Bitcoin’s developer, Satoshi Nakamoto, was the first to introduce the halving event, it doesn’t mean that it only occurs on Bitcoin. Several crypto projects, including Bitcoin Cash, Dash, and Litecoin, have adopted the concept.
Bitcoin Prices Before and After Previous Halvings
First Halving (November 2012): The Bitcoin price was $12.32 before the halving. BTC reached $1,000 in late 2013.
Second Halving (July 2016): BTC was valued at $648 before the having. It surged to $17,034 in early December 2017.
Third Halving (May 2020): Bitcoin was trading at $9,163 before the having. It then hit $69,000 in November 2021.
Meanwhile, in 2024, Bitcoin is trading near $70,000 before the halving. Some analysts expect the coin will reach $200,000 by April 2025.
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