Crypto-savvy players among our community here at mBitcasino may know that there is a Bitcoin Halving on the horizon, which is understandable considering we are a crypto casino that lets you play top online casino games using popular cryptocurrencies. However, while we’re sure most of you are aware, others may not know that a Bitcoin Halving is expected to happen in the next few days.
What is the Bitcoin halving, and how will it impact players? You’ll find out below, but before we get started, there is no need to panic. In fact, historically, the halving of Bitcoin has led to an increase in the value of BTC, as well as other cryptocurrencies, so there is exciting potential for this event!
What Does Bitcoin Halving Mean?
In short, Bitcoin Halving is reducing the rewards given to BTC miners by half. It happens every 210,000 mined blocks (usually around four years), and the fourth halving is about to take place anytime now, once 840,000 blocks have been mined.
Why is Bitcoin Halved?
Bitcoin halving is done as a way to help manage the cryptocurrency’s inflation rate by controlling its supply. BTC has a fixed supply of 21 million, so halving Bitcoin helps curb the rate of new BTC coming into circulation. This helps ensure BTC is scarce and not devalued.
How Could The Bitcoin Halving Affect mBitCasino Players?
While we can never completely take past performance as an indicator of future results, past Bitcoin halving dates have led to an increase in the value of BTC, at least in the first year or two. This has also had a knock-on effect on the value of other cryptocurrencies. For example, after the first halving in November 2012, Bitcoin’s value had increased by 100x by the time December 2013 came around.
As long as you’re responsible with your cryptocurrencies and keep a keen eye on the markets, the halving of Bitcoin should not affect players negatively.
Bitcoin Halving 2024 FAQ
What does the Bitcoin Halving mean?
It refers to the halving of the rewards received by miners for mining new BTC.
When is the Bitcoin halving in 2024?
Many Bitcoin halving countdown timers predict the next halving date will be between April 19 and 20, 2024. We don’t know for sure the exact date and time.
Why isn’t there an exact Bitcoin halving date 2024?
Because it is difficult to predict how quickly miners will hit the 840,000 mined Bitcoin milestone.
Why does the halving of Bitcoin happen?
It aims to cut all block rewards on the network in half to slow the flow of new Bitcoin into circulation. This creates scarcity, which drives the value of Bitcoin. The Halving was written into the protocol so that Bitcoin would mimic a finite resource like gold or land.
How often does a Bitcoin halving occur?
A bitcoin halving occurs after the mining of every 210,000 blocks which usually takes four years on average.
What happens to the price of BTC after Bitcoin Halving?
Looking at the historical data, Bitcoin typically reaches a new All Time High value in the month after a Halving occurs. So there’s good reason to believe that the next Bitcoin halving could result in a bull run or an increase in BTC value at a minimum. However this halving could be different, as Bitcoin has already reached a new all time high before the halving takes place.
