Bitcoin Is 75% To Halving, Here’s How Past Cycles Looked Like At This Stage
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Loading... - Oliver Belinga
- 04 May 2023
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Bitcoin Is 75% To Halving, Here’s How Past Cycles Looked Like At This Stage
The current Bitcoin cycle is now 75% on the way to the next halving. Here’s what previous cycles looked like at similar stages in their timeline.
Current Bitcoin Halving Cycle Has Hit The 75% Milestone
The “halving” refers to a periodic event where the cryptocurrency’s block rewards are permanently cut in half. The “block rewards” are what miners receive as compensation for mining blocks on the network.
The BTC that these chain validators receive in these rewards is the only way to introduce fresh coins into the asset’s circulating supply, meaning that the block rewards can be considered the equivalent of BTC’s “production.”
The reason that the halving exists as a concept is to restrain the supply of the cryptocurrency and make it more scarce with time since fewer and fewer coins are produced with each halving.
Since the halving has these wide-reaching consequences for the supply-demand dynamics of the asset, such an event has historically had an impact on the cryptocurrency’s price. More specifically, as the supply is tightened following it, the value of BTC has observed a bullish trend.
Halvings occur after every 210,000 blocks or approximately every four years. Because of this periodicity and their important place in the market, these events serve as a popular way of defining the start and end points of a BTC “cycle.” Read More..
