Everything You Need to Know About the Upcoming Bitcoin Halving in April 2024

Learn more about what the Bitcoin halving is, when the next one is taking place, and what it means for the overall Bitcoin supply.

What is a Bitcoin Halving?

Bitcoin halving is a significant event in the cryptocurrency world that's designed to control inflation and maintain the value of Bitcoin. The event, which happens approximately every four years, or after 210,000 blocks have been mined, halves the reward that miners receive for adding new blocks to the blockchain. This effectively reduces the rate at which new Bitcoins are produced and introduced into the market, creating a form of artificial scarcity.

How many halvings has Bitcoin had?

To date, three Bitcoin halvings have occurred. The first took place in 2012 when the reward for each block mined was reduced from 50 to 25 Bitcoins. The second halving happened in 2016, reducing the mining reward to 12.5 Bitcoins per block. The most recent halving, in 2020, saw the block reward fall to 6.25 Bitcoins.

When is the next Bitcoin Halving?

In the upcoming Bitcoin halving, expected in April 2024, where the miner rewards will be reduced from 6.25 BTC per block to 3.125 BTC.

Past Bitcoin Halvings

The Bitcoin halving events have occurred three times in the past. Here are the exact dates and how much the Bitcoin miner rewards were cut:
Miner Rewards
First Bitcoin Halving  
November 28, 2012
Reduced from 50 BTC to 25 BTC per block
Second Bitcoin Halving
July 9, 2016
Reduced from 25 BTC to 12.5 BTC per block
Third Bitcoin Halving  
May 11, 2020
Reduced from 12.5 BTC to 6.25 BTC per block
Fourth Bitcoin Halving  
April 20, 2024 (Expected)
Reduced from 6.25 BTC to 3.125 BTC per block

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What happens at the Bitcoin Halving?

The Bitcoin Halving is a pivotal occurrence in Bitcoin's existence, during which the incentives for miners authenticating transactions are reduced by half. This event is critical as it decelerates the pace at which new Bitcoins are introduced into the market.

Why does the Bitcoin Halving happen?

The purpose of this halving is to decrease the number of new coins entering the network This reduction presents a risk that miners may be less incentivized to continue mining, potentially impacting the security of the Bitcoin network

The halving policy was written into Bitcoin's mining algorithm to counteract inflation and maintain the value of the cryptocurrency It's an event that takes place approximately every four years ensuring a steady decrease in the creation of new Bitcoins over time.

How many Bitcoin Halvings are left?

The Bitcoin Halving is a recurring event in the Bitcoin ecosystem that occurs approximately every four years, or after 210,000 blocks have been mined. Given that this process is designed to continue until the maximum supply of 21 million Bitcoins has been reached it's estimated that the last Bitcoin Halving will occur around the year 2140.

However, predicting the exact number of remaining Bitcoin Halvings can be challenging due to variables such as mining technology advancements and changes in network hash rate. As of now, there have been three halvings, with the fourth expected to occur in 2024.

How many Bitcoins are left to be mined?

As of April 2024, approximately 93.7% of all Bitcoins have been mined, leaving around 1.3 million Bitcoins left to be mined. Remember, the maximum supply of Bitcoin is capped at 21 million.

Quick facts about Bitcoin's supply

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Finite Supply of Bitcoin

Bitcoin has a predetermined total supply of 21 million coins. This finite supply is a fundamental characteristic that sets it apart from traditional fiat currencies, which can be printed in unlimited amounts by central banks. As of now, more than 90% of the total supply has already been mined.

Progress Towards Maximum Supply

As of April 2024, approximately 93.7% of all Bitcoins have been mined, leaving around 1.3 million Bitcoins left to be mined. The pace at which these remaining Bitcoins are mined will gradually slow down due to the process of Bitcoin halving, which takes place approximately every four years.

Lost Bitcoins

An estimated 20% of the total supply of Bitcoins has been lost from circulation. These Bitcoins may be lost due to factors such as forgotten passwords, discarded hard drives, or deaths of Bitcoin owners without backup or transfer plans for their digital assets

Decentralization and Peer-to-Peer Transactions

The Bitcoin White Paper, authored by the pseudonymous Satoshi Nakamoto, introduces Bitcoin as a decentralized, peer-to-peer electronic cash systemThis means transactions can be made directly between parties without the need for an intermediary, such as a bank or government.

Proof-of-Work Consensus Mechanism

The white paper also outlines the proof-of-work consensus mechanism used to validate transactions and add them to the blockchainMiners solve complex mathematical problems, and the first one to solve it gets to add the next block of transactions to the blockchain and receive a reward in Bitcoins.

Privacy and Security

The white paper emphasizes the importance of privacy in financial transactions. While all Bitcoin transactions are public and traceable on the blockchain, the identities of the parties involved are kept privateFurthermore, the decentralized and cryptographic nature of the system makes it highly secure against fraud and cyber attacks.

How to buy Bitcoin with Bitbuy

Create an Account
The first step in buying Bitcoin with Bitbuy is to create an account if you don't already have one. Click on "Get Started" below and provide some basic information, such as your name, email address, and a secure password. After you've filled out the necessary fields, confirm your email address to activate your account.
Deposit CAD in your Bitbuy account
After setting up your account, the next step is to fund it. Bitbuy allows you to add funds using various methods, including Interac e-Transfer, Bank Wire Transfer, Credit and Debit Card, and Apple Pay. Click on "Deposit", choose your preferred funding method, and follow the prompts to complete the process.
Choose the amount of Bitcoin you want to buy
Once your account is funded, you're ready to buy Bitcoin. Go to the "Buy/Sell" section of your account, select "Bitcoin" from the list of available cryptocurrencies, and enter the amount you wish to purchase. Review the details of the transaction carefully, then click "Buy" to finalize your purchase. Congratulations! You've successfully bought Bitcoin with Bitbuy.

Frequently asked questions

What is a Bitcoin halving?

A Bitcoin halving is an event where the reward for mining new blocks is halved, meaning miners receive 50% fewer Bitcoins for verifying transactions.

When is the next Bitcoin halving?

The next Bitcoin halving is expected to occur in 2024. The exact date depends on the mining of block 840,000.

What happens to my Bitcoin during a halving?

Your Bitcoin holdings on Bitbuy will not be directly affected by the halving. The halving only affects the reward given to miners for adding new blocks to the blockchain.

Why does the Bitcoin halving happen?

The Bitcoin halving occurs as part of the cryptocurrency’s underlying rules, set down by its creator Satoshi Nakamoto. It happens every 210,000 blocks, or approximately every four years, to control Bitcoin's supply and inflation.

What does the Bitcoin halving mean for Bitbuy users?

For Bitbuy users, the Bitcoin halving could potentially mean a change in the value of their Bitcoin holdings due to the reduced supply of new coins entering the market. However, market conditions are unpredictable and can vary.

How will I know when the Bitcoin halving has occurred?

We will keep users informed about major events like the Bitcoin halving through our social channels. You can follow us on X (Twitter) or Instagram to stay up to date. You can also follow the progress on various Bitcoin block reward halving countdown websites.

Can I still buy Bitcoin on Bitbuy during or after a halving?

Yes, you can buy Bitcoin on Bitbuy during or after a halving. The Bitcoin halving does not affect the ability to buy or sell Bitcoin on Bitbuy.

Is my Bitcoin safe on Bitbuy during a Bitcoin halving?

Yes, your Bitcoin is safe on Bitbuy during a Bitcoin halving. Bitbuy uses industry-leading security measures to protect your assets.

About Bitbuy

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Scottie Barnes
Rookie of the Year & Bitbuy Ambassador
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