- The block halving will occur at block 630,000, just under 24 hours from now
The Bitcoin block halving, which is definitely the biggest event in the crypto space this year, is now less than one day away. According to the halving countdown website, the block halving will occur around Midnight UTC on 12 May. This could vary by plus or minus several hours due to variations in the Bitcoin hash rate.
The halving can be monitored on the Bitcoin block explorer. Essentially, when block 630,000 is mined, the Bitcoin block reward will drop from 12.5 Bitcoins to 6.25 Bitcoins.
The reason that this is a big deal is selling pressure from miners will be reduced by 50% in terms of Bitcoin. In other words, the market supply of Bitcoin will be drastically reduced. According to the law of supply and demand, when supply decreases in the presence of constant demand, the price increases. Indeed, Bitcoin has seen a major rally after each of the previous block halvings, although it usually takes months before the rally really kicks off.
Basically, due to the block halving that is happening in less than a day, there is a high probability that Bitcoin will see a major rally in 2020.
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