Bitcoin Halving Event Marks New Phase in Cryptocurrency Industry
The historic fourth Bitcoin halving event took place on April 19, marking a significant milestone in the cryptocurrency industry. The event, which occurred at 00.09 UTC, saw the Bitcoin network reach its 8,40,000th block, resulting in a reduction of mining rewards from 6.25 BTC to 3.125 BTC for each new block minted.
Bitcoin halving events are designed to create scarcity of BTC, ensuring that prices remain resistant to inflation. While miners will now receive less for their work, the rising and resilient BTC prices are expected to make up for the loss. The previous three halving events in 2012, 2016, and 2020 have all been followed by bull runs in the cryptocurrency market.
The mysterious founder of Bitcoin, Satoshi Nakamoto, remains unknown, having disappeared in 2011 after earning 1 million BTC through mining. Today, miners invest significant amounts of money and energy into verifying transactions on the Bitcoin network, with daily earnings from mining reaching millions of dollars.
The cryptocurrency mining industry continues to grow, with opportunities for earning through mining not limited to Bitcoin alone. Other cryptocurrencies also offer mining rewards, with different systems such as proof-of-work and proof-of-stake in place to verify transactions.
Following the fourth Bitcoin halving, market analysts predict a bullish trend for BTC, with expectations of reaching $1,00,000 in the short term and potentially $2,50,000 by the end of 2024. With a total of 21 million BTC that can be minted, the mining process is expected to continue until 2140.
