what is bitcoin halving 2024

Bitcoin halving is an event that occurs every four years, where the reward for mining new blocks is halved, meaning miners receive 50% fewer bitcoins for verifying transactions. The next Bitcoin halving is expected to occur in April 2024, when the number of blocks hits 740,000. It will see the block reward fall from 6.25 to 3.125 bitcoins. The exact date of the halving is not yet known as the time taken to generate new blocks varies, with the network averaging one block every ten minutes. The halving decreases the amount of new bitcoins generated per block, which means the supply of new bitcoins is lower, making buying more expensive. Each halving lowers Bitcoins inflation rate, and the final halving is expected to occur in 2140 when the number of bitcoins circulating will reach the maximum supply of 21 million. As the halving date approaches, miners are already carrying out extensive research and planning, studying previous halvings effects on the Bitcoin network and analyzing how the cryptocurrency market reacted during those times.