Countdown Begins For Bitcoin Halving

(MENAFN- B2Press) We are less than 140 days away from the bitcoin halving, which occurs approximately every 4 years and halves the rewards per block in the Bitcoin mining process. While it is known that the event that has a positive impact on the Bitcoin price in the medium and long term will happen in April 2024, the first evaluations about the halving have started to come.

TURKEY - While Bitcoin, one of the cryptocurrencies that closed 2024 with a better performance than many assets and stocks, continues to make headlines with its rises and falls, the fact that Bitcoin halving in 2024 will have an important place on the crypto agenda has begun to become clear. There are less than 140 days left until the Bitcoin halving, which is expected to be completed by April 2024 and will halve the rewards from Bitcoin mining. WhiteBIT, a Ukraine-based cryptocurrency exchange and the official cryptocurrency partner of clubs such as Trabzonspor and FC Barcelona, answered questions about the Bitcoin halving.

Bitcoin was developed by Satoshi Nakamoto, a person or a group, with an approach in which miners who added new Bitcoins to blocks would be rewarded. The foundations of Bitcoin were laid in such a way that the rewards that miners can earn by solving complex mathematical problems will be reduced by half after every 210 thousand blocks.

Details of the halving were shared in the statement made by WhiteBIT Founder Volodymyr Nosov:“The nature of the halving, which occurs every four years, and the limited supply of Bitcoin. In this way, Bitcoin becomes an inflation-resistant digital asset, and the decrease in mining rewards accelerates the abandonment of mining by less productive workers and joining pools. In this way, the integrity of the cryptocurrency market is ensured.”

Recalling that the first Bitcoin halving took place in November 2012, Volodymyr Nosov stated, "Although there wasn't a significant development in Bitcoin's price by the end of 2012, the cryptocurrency market's largest market capitalization was completed in 2013, surpassing $1,000. The second halving took place in July 2016. One of Bitcoin's most critical bull runs in history occurred following this halving in 2017 when it finished the year at approximately $11,000. This surge continued until the next halving. The third halving, which occurred on May 11, 2020, also showed an upward trend in Bitcoin's price. However, the real increase happened in 2021. As WhiteBIT, we believe crypto investors can witness a similar scenario in 2024-2025.

In the information shared by WhiteBIT, it was pointed out that the Bitcoin halving is one of the most critical events for the cryptocurrency community and that it is important to understand how this concept works for those considering long-term investments in Bitcoin. While it was stated that Bitcoin is the flagship of cryptocurrencies and, therefore, can be purchased from every cryptocurrency exchange, the issue of security was also emphasized. As WhiteBIT, which was founded in Ukraine and turned into one of the largest cryptocurrency exchanges in Europe despite the war, security technologies such as the web application firewall of the cryptocurrency exchange, which stores 96% of customer assets in cold wallets, will be developed by the cyber security company Hacken in 2022. They have been confirmed to provide a high level of protection. At this point, investors are recommended to prefer cryptocurrency exchanges where they can easily buy and sell Bitcoin and make transactions with lira, dollar, euro and other fiat currencies.

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