The Bitcoin Halving is considered the highlight of the crypto year 2020, but at the moment it is not possible to say exactly when the Halving Event will take place, as the miners find the blocks at different speeds. Estimates currently range from 76 to 111 days until the third Bitcoin Halving Event. One thing is certain: As of today, the miners have less than 200,000 BTC units until the next Halving.
What is the Bitcoin Halving Event?
The term “Bitcoin Halving” means halving the miners’ coin rewards. The halving is an integral part of the Bitcoin system and is implemented in the first block, the Genesis block. Accordingly, the Miner’s reward is halved after 210000 mined blocks in order to keep the inflation rate of the crypto currency in check in the long term. Thus, after 2012 and 2016, the third halving in the history of Bitcoin is already pending. The current reward for the miners is 12.5 Bitcoin per block mined and will be reduced to 6.25 Bitcoin per block for the upcoming halving.
More facts about the Halving
There are currently 18,174 million BTCs in circulation, which means that more than 85 % of all BTC units have already been mined. Nevertheless, it will still take more than 100 years until the last Satoshi is mined. The norm of 10 minutes per block remains unchanged. The Bitcoin Market Cap is currently valued at approximately USD 157.256 billion. This value corresponds to a BTC Dominance Index of just under 66%. The current inflation rate of Bitcoin is 3.68%. After the next halving it will fall to a value of about 2 %. The Bitcoin network is stronger than ever before. The level of difficulty (Difficulty) of 14,776,367,535,689 implies this condition. Meanwhile the hash rate is 96.89 exahashes per second.
Bitcoin in lateral movement
Since Monday, Bitcoin has been in a sideways movement. This represents a complete contrast to the volatile previous week. While Bitcoin SV dominated the headlines, the BTC temporarily broke through the USD 9000 barrier, but then fell below it again. Currently, the BTC price stands at 8659 USD.
Bitcoin SV could cause unrest in the market
Craig Wright and the Kleiman estate trial promoted the Bitcoin SV course to 4th place on the cryptocharts last week. The doubling of the price once again showed the volatility in the crytospace industry. This week the BSV price calmed down for the time being. However, this should turn out to be a snapshot, as the BSV Hard Fork is due on February 4th. According to new information, Wright must credibly prove to the US court by February 2 that he possesses the keys to the billion-dollar “Tulip Trust III”. By correlating these events, investors can therefore prepare for a turbulent February.