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Bitcoin Halving: When is the next Bitcoin halving date?

The Bitcoin halving date is usually a quadrennial event on the Bitcoin blockchain where the reward assigned to miners for successfully verifying and adding new blocks to the blockchain is substantially reduced. The term Bitcoin halving refers to the phenomenon where the reward for mining Bitcoin is cut in half.

The importance of the halving event lies in its role in reducing the rate of creation of new Bitcoins as the cryptocurrency approaches its fixed supply limit. In 2009, each block mined on the chain generated a reward of 50 BTC. As of October 2023, there are approximately 19.5 million BTC in circulation, leaving only around 1.5 million bitcoins to be released through mining rewards.

What is Bitcoin Halving?

After the Bitcoin network successfully processes 210,000 blocks approximately every four years, there is a reduction in the block rewards given to Bitcoin miners for their transaction processing efforts. This phenomenon is commonly known as the “bitcoin halving,” as it precisely halves the rate at which new BTC enter circulation.

This reward mechanism will last until approximately the year 2140, at which time the default limit of 21 million coins will be reached. Beyond this point, miners will be compensated through transaction processing fees paid by network users. This fee will eventually serve as motivation for miners to participate and sustain the network.

Previous Bitcoin Halving Events

There have been a total of three Bitcoin halving events so far. The first halving event occurred on November 28, 2012, in which the reward value for each block mined was 25 bitcoins. Subsequently, the second halving event occurred on July 9, 2016, halving the reward value again, reaching 12.5 bitcoins.

Lastly, the most recent halving event occurred on May 11, 2020, where the reward was reduced to 6.25 Bitcoins for each successfully mined block. With the next halving on the horizon, scheduled for mid-2024, the block reward will be 3,125 BTC.

Why does the halving happen every 4 years?

The Bitcoin mining algorithm is designed to seek the discovery of new blocks approximately every 10 minutes. However, the actual time needed to find the blocks can vary, sometimes exceeding 10 minutes and sometimes less. This variation in block mining times may shorten or extend the duration needed to reach the next halving milestone. For example, if blocks consistently take an average of 9.66 minutes to mine, it would take approximately 1,409 days to mine the 210,000 blocks needed (assuming four years of 1,461 days, including one day for a leap year).

When will the next Bitcoin halving date be?

The next Bitcoin halving is expected to take place around April 2024, coinciding with the mining of block 740,000. During this event, the block reward will be reduced from 6.25 bitcoins to 3,125 bitcoins. The exact date of the halving remains uncertain due to variable block generation time, with the network aiming for an average of one block every ten minutes.

BTC Price Prediction After BTC Halving

Bitcoin price is projected to reach an all-time high (ATH) after the upcoming Bitcoin halving event. Market experts, traditional financial companies, and CoinGape Media analysts predicted that the price of Bitcoin would surpass $120,000. The current ATH price is $68,789. Some experts, such as the CEO of investment management company ARK Invest, Cathie Wood, believe that the price of BTC will reach $1 million by 2030.
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Bitcoin Cryptocurrency news Ethereum NFT Investment

Bitcoin Overtakes Ethereum for First Time in 24-Hour NFT Sales Shift

On November 8, 2023, the Bitcoin blockchain saw its non-fungible token (NFT) asset sales surpass those of the Ethereum platform, marking a historic change over the single-day period. According to analytics provided by cryptoslam.io, Bitcoin-based NFT transactions totaled $17.17 million, surpassing the $15.77 million in Ethereum NFT sales recorded during the 24-hour period.

Bitcoin Eclipse Ethereum NFT Sales Increase in a Day

The trend of Bitcoin NFT transactions has been on an upward trajectory as of late, and just three days ago, Bitcoin.com News highlighted that Bitcoin took second place in NFT sales over the course of a week. For the first time, Ordinal’s subscriptions to Bitcoin, its exclusive brand of NFT, surpassed sales of Ethereum in a 24-hour period on Wednesday.

NFT connoisseur Leonidas, founder of Ord.io, documented this unprecedented on-chain event, marking the occasion when Bitcoin-based NFTs leapt ahead of their Ethereum counterparts for the first time in history. Leonidas said:

   Breaking: Ordinals just invested in Ethereum NFTs for the first time. So of course I had to register it in Bitcoin forever.

Recently, ordinal entries witnessed a notable drop in activity that persisted for over a month. This decline followed an increase in daily mintage; Thereafter, the number of new registrations faced a persistent struggle until October 24. However, the tide has since turned and November 4 saw the second-highest number of registrations in a single day, with a total of 433,471.

Looking at the one-week performance of NFT sales, Ethereum has seen an increase, raising $79.61 million since Wednesday, November 1, 2023, which is a 45.66% increase over the week. previous, as reported by cryptoslam.io. In comparison, weekly Bitcoin NFT sales also saw an increase, showing a 661.60% increase from the previous week, with sales reaching $55.52 million.

On Wednesday, the “$SATS BRC-20 NFT” collection surpassed the Bored Ape Yacht Club (BAYC) series, reaching the top of the sales chart. Behind BAYC, “$RATS BRC-20 NFT” took third place in sales in the last 24 hours. The chances of Bitcoin NFTs taking the top spot next week are slim, as Ethereum already has a $24.09 million lead.
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Kraken will share data from 42,000 users with the IRS

US-based exchange Kraken says it will share the data of 42,000 users with the US Internal Revenue Service (IRS) in compliance with a court order. The information will be sent to the IRS in early November.

On its support page, Kraken specifies that the subpoena to produce “a broad range of records and data” about its US customers and pass them to the IRS came from a court order from the Northern District of California in May 2021. The company opposed this. IRS demands and fought the subpoena in court, convincing it to “substantially reduce” the number of affected customers and the amount of customer data.

The court ordered Kraken to submit profile and transaction data of customers who exceeded $20,000 in transactions during any year between 2016 and 2020. This also includes those who made no transactions but deposits and withdrawals.

Kraken will share data such as name, date of birth, tax identification, address, contact information and transaction history of these customers. There will be about 42,000 accounts whose information will be sent to the IRS.

The US Court of Appeals for the First Circuit is reviewing another case in which the IRS subpoenaed user data from a crypto exchange. In 2018, Coinbase told the 13,000 affected customers that it would provide the IRS with their taxpayer ID, name, date of birth, address, and historical transaction records from 2013-2015.

One such user, James Harper, appealed against the IRS to prevent the US government from having unlimited access to a user’s transaction history. In October 2023, cryptocurrency advocacy group DeFi Education Fund (DEF) filed an amicus brief supporting Harper’s appeal.

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Taiwan proposes new bill requiring crypto companies to apply for licenses

Amid the ongoing global revolution in cryptocurrency regulation, Taiwan has proposed a special law to regulate digital assets. The proposed law will require all cryptocurrency platforms in Taiwan to apply for a license.

According to the official announcement, the Crypto Bill had its first reading today, October 27, in Taiwan’s parliament, the Legislative Yuan.

Taiwan takes steps to establish cryptoasset regulatory framework

Although the new law has already passed its first reading, legislators have not yet set a date for the second. According to Yung-Change Chiang, member of parliament and contributor to the proposed Special Law, the first reading of the bill catalyzed discussions on the regulatory framework for the digital asset industry.

Chiang asked Taiwan’s Financial Supervisory Commission (FSC) to present his version of a crypto bill to the legislature. According to him, the presentation of the project will allow various sectors to unite even more and be on the same page during the legislative process.

In the meantime, remember that the FSC published guidelines for self-monitoring of the crypto industry in September. The guidelines would ensure that local businesses separate customer assets from company assets. This would protect consumers from losses associated with the arrival of assets.

Additionally, the new guidelines establish standards for the inclusion and exclusion of virtual assets on various cryptocurrency trading platforms.

Additionally, the FSC plans to implement and enforce the guidelines through a potential crypto industry association, a move that Chaing condemned. In his latest statement, the legislator noted that such regulatory measures are legally inapplicable.

The special encryption law is the product of a joint effort by Chaing and 16 other lawmakers. This law will force all digital asset platforms in Taiwan to apply for operating licenses. Failure to comply with this obligation will result in sanctions, including a cease and desist order from regulators.

Parliament has not set a specific timetable for the second reading of the bill. However, according to information from Chaing’s office, this could happen before the end of January 2024. The reason for this speculation is that the term of the current Taiwanese legislators ends in January 2024.