The Bitcoin (BTC) halving event is getting closer. According to the Bitcoin Block Reward Halving Countdown, less than 190 days are left in order for Bitcoin to experience its next halving event that will push Bitcoin block rewards for miners to 3.125 BTC. This could have an impact on Bitcoin price depending on market trends.
Bitcoin Halving Event to Take Place in 190 Days
The Bitcoin halving event is just 190 days away. This is very positive for Bitcoin as the new issuance of BTC is going to be reduced by half after April 2024. The current reward-drop ETA is 24 April 2024. However, depending on the mining market changes, this could slightly change.
Thanks to this programmatic structure that Bitcoin has, it is possible for BTC to have a predictable money supply. There will never be more than 21 million Bitcoin and its inflation rate per annum is going to be reduced to 0.84% next year from the current 1.70%.
That means that miners will mine, on average, 450 BTC per day from the current 900. This is positive for Bitcoin’s price if demand for this virtual currency increases. Bitcoin’s supply will not be able to absorb a large increase in demand if only 450 BTC are created on a daily basis.
At the time of writing this article, Bitcoin is being traded at around $28,300 per coin and it has a market capitalization of $553 billion. This could change after the next halving event, but this remains to be seen.