Bitget Research: The current Bitcoin block height is 820,106, less than 150 days remaining until the halving
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Bitget Research: The current Bitcoin block height is 820,106, less than 150 days remaining until the halving
To date, Bitcoin has undergone three halvings, a cycle referred to as the "halving cycle" within the industry.
Navigating Web3 tides with focused insightsWhat Is Bitcoin Halving?
Every time 210,000 blocks are mined on the Bitcoin blockchain, the block reward is halved. This halving occurs approximately every four years. The fourth Bitcoin halving is expected to take place on April 23, 2024, at block height 840,000.
With each halving, the block reward decreases. Starting from an initial reward of 50 BTC per block, the current block reward is 6.25 BTC. Following the 2024 halving event, this will be reduced to 3.125 BTC.
Each halving programmatically reduces the rate at which new bitcoins are created, slowing down Bitcoin's issuance and significantly impacting its price. Historically, every Bitcoin halving has been closely associated with a bull market across the broader cryptocurrency sector.
Bitcoin Halving Cycles and Market Trends
To date, Bitcoin has undergone three halvings, known in the industry as halving cycles.
First halving cycle: November 28, 2012 – July 10, 2016. This cycle triggered two bull markets in 2013—first in April and then in November. During the first bull run, Bitcoin’s price surged from $12 to $288, a 2300% increase. In the second, it rose from $66 to $1,242, marking a 1782% gain.
Second halving cycle: July 10, 2016 – May 12, 2020. This cycle led to a major bull market in December 2017, where Bitcoin's price climbed from $648 to $19,800—an increase of 4158%.
Third halving cycle: May 12, 2020 – ? This cycle produced two bull markets—in April 2021 and November 2021. The first saw Bitcoin rise from $8,181 to $64,895 (a 693% increase), while the second pushed the price from $29,296 to $69,000 (a 135% increase).
Historical Bitcoin Halving Data: Block Rewards and Supply
Bitcoin halving is defined by Satoshi Nakamoto in the original Bitcoin white paper, "Bitcoin: A Peer-to-Peer Electronic Cash System."
Satoshi specified that the block reward would be halved every 210,000 blocks until the year 2140, when block rewards will reach zero and the total supply of Bitcoin will be fully issued—capped at 21 million coins.
As such, halvings occurred at block heights 210,000, 420,000, and 630,000. Currently, the Bitcoin block height is 820,106. When it reaches 840,000, the fourth halving will occur, reducing the block reward from the current 6.25 BTC to 3.125 BTC.
Historical Bitcoin Price Performance Around Halvings
Bitcoin halving events have historically coincided with bull market cycles in the crypto space. After each previous halving, Bitcoin’s price has rapidly increased within 6 to 18 months, reaching new all-time highs. As a result, the impact of Bitcoin halving on market dynamics is closely watched by the industry.
Will the Next Bitcoin Halving Trigger Another Surge in BTC Price?
[Disclaimer] The market involves risks, and investments should be made with caution. This article does not constitute investment advice. Users should consider whether any opinions, viewpoints, or conclusions expressed herein are suitable for their particular circumstances. Investment decisions based on this information are made at the user's own risk.
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