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Bitcoin [BTC] block halving is 66% complete; next block halving in 495 days




Bitcoin [BTC] block halving is 66% complete; next block halving in 495 days
Source: Unsplash

Bitcoin, the world’s largest cryptocurrency in the world, seems to be stuck in the $3,600 range for a very long time after a sudden drop and rise within a week.

The Lightning Network, on the other hand, has reached a total capacity of 575 BTC i.e., ~$2 million, indicating that the Bitcoin community is growing and so is the adoption.

The fundamentals of Bitcoin are also growing strong as each day passes by. Moreover, as of block 558,600, 66% of the blocks have been mined until the next block halving, which is supposed to take place on May 25, 2020.

Block halving is a process where the mining rewards will get halved after a total of 210,000 blocks are mined. The reward, however, will be reduced from 12.5 coins to 6.25 coins. It means that for every block mined the reward that a miner will get will be equivalent to 6.25 coins or 6.25 BTC.

At the time of writing, the total number blocks mined for Bitcoin were 558,763 and the inflation rate per annum is at 3.83%. The number of Bitcoins mined every year will reduce with every single halving until all the Bitcoins [21 million] are mined.

The previous block halving of Bitcoin happened in 2016 and before that, the block halving was noticed in 2012. Observing the price actions from the past, it can be seen that BTC’s prices generally tend to spike after halving.

Consider, 2012 halving which took place on November 28, 2012, when the price of Bitcoin was just $12.25. However, the prices peaked after 368 days and reached a whopping $1,149.

The next halving happened on August 7, 2016, the price of Bitcoin was at $657.61. After 498 days the price of Bitcoin reached its all-time high of ~$20,000.

History might repeat, it might not, but the prices rising after the halving could be a probable outcome.

@BTCblockbot tweeted:

“As of block 558,600, we are 66% of the way through to the next halving, estimated for Monday, May 25 2020”

Moreover, Litecoin’s mining block reward is also set to be halved on August 08, 2019, which leaves 204 days at the time of writing. As of block 1,562,469, 86% of the blocks have been mined and only 117,531 blocks remain until the next halving.

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

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1 Comment

1 Comment

  1. Avatar

    Fan Xia

    January 19, 2019 at 4:59 AM

    Ahh no, block reward or more precisely coin reward isn’t inflationary. You cold have pre-mine the 21 million coins and 21 million was there ever going to be. Bitcoin isn’t inflationary. The Block reward serves as early incentive for miners and it also servers as a method for distributing the coin to others.

    The coin reward halves or is designed to be diminishing is to provide time for the network to grow and ease miners from coin reward dependency to user fees as Block size scale. As block size scale, miners becomes ever more depended on user fees and less and less on coin reward. Eventually coin reward diminishes to near zero and miners transition to stable revenue derived from fees through global use of Bitcoin network.

    That’s why Gevin Anderson proposed Bitcoin block size to double every 2 years. Bitcoin has to scale up on chain or it cannot sustain and it will die eventually. Core took a drastic change limiting block size to 1MB. This effectively crippled mining economics.

    BTC price is speculative without use and LN won’t work. I won’t get into LN here but forcing miners to depend solely on coin price and diminish coin reward that halves cannot be a stable and sustainable business. that’s hwy many mining company go belly up frankly they have no stable income. Imagine block size scales and capacity was never an issue last December, we have wide adoption and block now scales to hold million transactions per block. How much do you think miners will be making in dependable user fees through global use of the Bitcoin ledger for transactions of all types?

    That’s how Bitcoin was designed to sustain mining. Making drastic protocol changes such as limiting block size from scaling upsets the balance of Bitcoin economics.

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market




Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.

In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.

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