As the Bitcoin Halving Approaches: Recapping BTC’s Milestone Moments
With less than 20 days before Bitcoin’s fourth halving, predictions from ViaBTC suggest this eagerly awaited event is slated for April. This moment, highly anticipated by a broad community of Bitcoin enthusiasts, investors, and observers, marks a significant milestone in Bitcoin’s journey.
The halving events of Bitcoin are landmark occasions in its cycle of growth, particularly noteworthy this year as 2024 saw the approval of Bitcoin spot ETFs in the United States, leading to a sharp increase in Bitcoin demand. The forthcoming halving is set to considerably reduce the daily supply of Bitcoin, potentially setting the stage for an unparalleled demand spike in the BTC market.
Throughout its history, the three halving events of Bitcoin have consistently met the high expectations of its enthusiasts. The journey of Bitcoin truly began in November 2012 with its inaugural halving, which saw the block reward drop from 50BTC to 25BTC. At this juncture, despite BTC’s modest price of merely $12, the relatively low total network hashrate of just 29.4TH/s allowed miners to use even home computers to reap significant rewards.
The landscape shifted dramatically by the second halving in 2016 when the block reward decreased to 12.5BTC. Not only did BTC’s price more than double, but it also soared to an impressive $660. This period marked a significant transition for mining practices. Mining had evolved beyond the reach of standard home computers, necessitating the adoption of specialized ASIC mining rigs and joining established mining pools for miners to maintain steady earnings amidst the challenge of a 1.58EH/s total network hashrate.
By 2020, as Bitcoin’s price ascended to $8,800 and the block reward was adjusted down to 6.25BTC, the immense total network hashrate of 125.69EH/s led to forecasts of widespread shutdowns among miners post-halving. However, the price of BTC experienced a doubling in value within six months following the halving. It astonishingly broke through the $60,000 mark within its first year, bestowing substantial rewards upon the dedicated miners.
Today marks a pivotal moment in Bitcoin’s history as we stand on the cusp of a new chapter, continuing its legendary saga. With the halving on the horizon, the operational viability price for the previously ubiquitous Antminer S19 is anticipated to crest over $50,000. Notably, before BTC breached the significant $50,000 mark in late February, miners grappling with high operational costs faced anxieties over potential shutdowns post-halving. Yet, the recent streak of record-breaking BTC prices not only bolstered miner morale but also positioned the $70,000 peak as merely the commencement of a new pricing cycle in the eyes of many.
With the halving event looming, miners and investors must intensify their scrutiny of price movements. Despite Bitcoin’s historical trajectory trending upwards, the unpredictable nature of the market demands robust preparation. Adapting strategies in real-time to market changes is crucial to navigating the forthcoming challenges with agility.
As Bitcoin nears its historic fourth halving, ViaBTC, among the top three mining pools by BTC, is commemorating this milestone with themed activities. ViaBTC has not only launched a dedicated page for the halving, featuring up-to-the-minute countdowns and related insights but also orchestrated numerous special events. Notably, during the recent “Discover El Salvador: A Journey into a New World” event, two fortunate miners will clinch a weeklong journey to El Salvador, sponsored by ViaBTC, offering them an immersive exploration of the world’s first Bitcoin City. Furthermore, ViaBTC has joined forces with partners to delve into anticipated market trends post-halving, engaging with miners via a Twitter Space discussion.
A frontrunner in the sector, ViaBTC’s commitment to delivering secure and reliable mining services to the global community remains unwavering. As of April 1, ViaBTC will have mined 37,209 Bitcoin blocks, yielding 362,325 BTC, translating to an output worth billions of dollars and catering to over a million users across more than 100 nations. Committed to its foundational goal of supporting the Bitcoin community, ViaBTC offers transaction acceleration services to mitigate network congestion, accelerating 746,946 transactions.
ViaBTC continues to host an array of enthralling activities throughout the halving month, presenting participants with opportunities to secure USDT rewards. To discover more about these engaging activities, please visit https://www.viabtc.com/s/vm7E.
