- The Bitcoin block halving will occur three weeks from now, estimated to be on 12 May
The highly anticipated Bitcoin block halving, which will occur at block number 630,000, is now just three weeks away and will occur around 12 May, plus or minus one day depending on the network hash rate. Indeed, as of this writing, Bitcoin is already approaching block 627,000.
When the block halving occurs, the Bitcoin block reward will fall from 12.5 Bitcoins to 6.25 Bitcoins. In other words, mining revenue in terms of Bitcoin will be cut in half. This will drastically reduce selling pressure on the Bitcoin market since miners generally sell their coins as fast as they mine it in order to pay for expenses and realize profits.
This drastic reduction in selling pressure is expected to lead to a major Bitcoin rally. Indeed, that is how the economic law of supply and demand works. Further, after every previous Bitcoin halving, there has been a major rally.
Thus, the crypto space is watching and waiting as the Bitcoin blockchain inches closer to the block halving, and it has the potential to push Bitcoin back to all-time highs and beyond over the coming year.
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