Bitcoin’s 2024 halving event successfully concluded!

Bitcoin (BTC) has successfully completed its fourth halving event, reducing mining rewards from 6.25 BTC to 3.125 BTC per block. This event has sparked excitement in the crypto community, with some experts predicting that Bitcoin’s price could reach as high as $250,000. Currently, Bitcoin is priced at $63,960, showing a 1.16% increase over the past 24 hours. The halving process is a programmed feature in the Bitcoin protocol that occurs every 210,000 blocks, approximately every four years. Its purpose is to manage scarcity and control the inflationary supply of Bitcoin. This mechanism, implemented by Bitcoin’s founder Satoshi Nakamoto, slows down the creation of new Bitcoin. The halving will continue until around 2140, at which point all Bitcoin will be mined. Major Bitcoin miners, such as Marathon Digital and Riot Platforms, have been preparing for this event. Despite short-term price volatility predictions, there is optimism regarding Bitcoin’s long-term potential. Billionaire investor Tim Draper believes that the halving will help drive Bitcoin’s price to $250,000 or higher. Additionally, the recent approval of the Bitcoin ETF in Hong Kong and the potential involvement of Chinese banks in buying Bitcoin may also impact its price.