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

2023-12-07 15:09

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The Bitcoin halving events are closely related to the bull market cycles of the entire cryptocurrency market.

Source: Bitget Research Institute

What is Bitcoin Halving?

Whenever the Bitcoin blockchain generates 210,000 blocks, the Bitcoin block reward will be halved. This halving occurs approximately every four years, and the fourth Bitcoin halving is expected to occur on April 23, 2024, when the block height is 840,000.

After each halving of Bitcoin, the block reward will decrease. Starting from the initial block reward of 50 BTC per block, the current block reward is 6.25 BTC. In the halving event of 2024, it will be reduced to 3.125 BTC.

Due to the fact that every halving reduces the production rate of Bitcoin according to the program, the speed of Bitcoin issuance slows down, which has a huge impact on the price of Bitcoin. Historically, every halving of Bitcoin has been closely related to the bull market cycle of the entire cryptocurrency market.

Bitcoin Halving Cycle and Market Trends

So far, Bitcoin has undergone three halvings, which is referred to as the halving cycle within the industry.

The first halving period: 2012.11.28-2016.07.10. This halving period resulted in two bull markets in April and November of 2013. The first bull market saw the price of Bitcoin rise from $12 to $288, an increase of 2300%. The second bull market saw the price of Bitcoin rise from $66 to $1242, an increase of 1782%.

The second halving period: 2016.07.10-2020.05.12. This halving period resulted in a bull market in December 2017, during which the price of Bitcoin rose from $648 to $19,800, an increase of 4158%.

Third halving period: 2020.05.12-? This halving period resulted in two bull markets in April and November 2021, with the first bull market seeing Bitcoin's price rise from $8181 to $64895, a 693% increase, and the second bull market seeing Bitcoin's price rise from $29296 to $69000, a 135% increase.

Bitcoin halving block reward and production data

The Bitcoin halving rule originates from the provision in the Bitcoin white paper "A Peer-to-Peer Electronic Cash System" by Satoshi Nakamoto.

Satoshi Nakamoto stipulated that the Bitcoin reward will be halved once every 210,000 blocks are produced, until the block reward reaches 0 in 2140. All bitcoins will be issued and the final total issuance will be constant at 21 million.

Therefore, Bitcoin has undergone a halving at block heights of 210,000, 420,000, and 630,000. Currently, the Bitcoin block height is 820,106, and the fourth halving will occur at block height 840,000. After the halving, the block reward will decrease from the current 6.25 BTC to 3.125 BTC.

Bitcoin Halving Price Performance Data

The Bitcoin halving event is closely related to the bull market cycle of the entire cryptocurrency market. Historically, after each halving, the price of Bitcoin has rapidly risen within 6 to 18 months, reaching a new all-time high. Therefore, the impact of Bitcoin halving on the market has received great attention within the industry.

Will the next Bitcoin halving lead to a surge in BTC price?

【Disclaimer】The market carries risks and investments should be made with caution. This article does not constitute investment advice and users should consider whether any opinions, views or conclusions in this article are suitable for their specific circumstances. Investing based on this article is at your own risk.