Bitcoin halving - How many blocks remaining

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Hello guys,

It is an honor to come before this great community, a community with lots of support and encouragement.

A community filled with good leaders and hard-working MODs.

Due to the recent happening in the cryptomarket, this have led many wondering what the hope of cryptocurrency is, after several thought on this, my mind took me to the next Bitcoin halving.

Before we can understand what Bitcoin halving is, we need to understand what Bitcoin block reward is.
Follow along as we begin our adventure.

WHAT IS BITCOIN BLOCK REWARD

Block reward in a simple term is referred to the rewards given to miners, after the successful mining of a block.

It can also be said to be the cryptocurrency reward given to miners after validating a block.

Bitcoin block reward can therefore be defined as the reward given to validators for successfully validating a block.
It is a compensating reward given to validators for solving the difficult puzzle involved in the mining of Bitcoin block.

After a successful mining of a considerable amount of block in the blockchain, Bitcoin block reward is usually halved, that it, it's reward is usually divided into two, and this is what led to the term "Bitcoin halving"

BITCOIN HALVING

Bitcoin halving is a Crypto related event that occurs roughly every four years. And once it occurs, it splits the price of Bitcoin block reward into two, thus reducing the total supply of bitcoin in circulation.

Bitcoin halving occurs after the validation of 210000 blocks and this happens roughly every 4years.

In the year 2009, a year after Bitcoin was created, it block reward was 50btc per block mined, then after its first halving in 2012, it block reward was decreased to 25btc and after it's second halving, it's block reward was reduced to 12.5btc per block mined.

It's last halving event occured on the 11th may 2020, which reduced it's mining reward to it's current reward of 6.25Btc per block mined.

EFFECT OF BITCOIN HALVING

The halving event of BTC helps to reduce it's inflation, thus increasing it's purchasing power in the market.

As of at the year 2011, BTC inflation rate was 50% which reduced to 12% after its first halving in 2012, and in 2016, it's inflation reduced to 4-5%, and recently, the inflation rate of btc is around 1.76%.

Another effect of bitcoin halving is that it leads to the increase in price of bitcoin.
As the inflation rate of bitcoin reduces, it also leads to the decrease in supply of btc, thus increasing it's demand.
And this increases it's price.

Let's take a good example, back then in 2016 when bitcoin experience it's second halving, it's price was in the range of $650, but few months after it's halving, Bitcoin price increased to $20,000.
This shows the significant of Bitcoin halving on the price of Bitcoin.

Another effect it has on miners is that it reduces the quantity of bitcoin given to miners for validating a block.
For example, in the year 2012, Bitcoin block reward was 25Btc and currently it's 6.25Btc per block mined.

THE CURRENT HEIGHT OF BITCOIN BLOCK AND HOW MANY BLOCKS BEFORE THE NEXT HALVING

Recall that I earlier mentioned that bitcoin experiences it's halving after the mining of 210000 blocks.

And now, Bitcoin has undergone three halving ever since it was created.
Below is a short Statistics of bitcoin halving.

DATE	BLOCK REWARD	BLOCK HEIGHT
January 9,2009, 2:54:25AM GMT	50BTC	1(Genesis block)
November 28, 201203:24:38 PM GMT	25BTC	210000
July9, 2016, 4:46:13 PM GMT	12.5BTC	420,000
May11, 2020,. 7:23:43PM GMT	6.25BTC	630,000

As seen above, the last halving occured on the 11th of May 2020 after a total validation of 630,000 blocks.
The next bitcoin halving will occur after the validation of a total of 840000blocks.

Now let's see how many block is remaining.

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From the screenshot above, we see that the total mined Bitcoin block is 736617 and it was mined by poolin.
And we need a total of 840,000blocks before the next halving.

Number of blocks remaining = 840000 - 736617 = 103,383blocks.

In a sentence, there are 103,383blocks remaining before the next btc halving. And this calculations was made when this post was created.

CONCLUSION

The next bitcoin halving is projected to occur on the 2nd of March, 2024, 07:45:53 AM GMT, all things being equal and with a block height of 840000blocks.
When it does occur, Bitcoin block reward will be reduced to 3.125Btc.

Now I understand why many analyst predict 2024 as the end of this bear market. And I believe that bitcoin halving will help boost the price of Bitcoin and all other Altcoins.

Thanks for reading!!!.