The current block height in Bitcoin (BTC) shows that less than a year is left until the halving event, when the BTC reward given to miners will be halved.
The halving date is expected to be April 28, 2024, and the block reward is expected to be reduced from 6.25 BTC to 3,125 BTC.
Currently, the next BTC halving event will be reached after 52,526 blocks.
However, at the time of writing this article, BTC mining difficulty has also set a new record.
Satoshi Nakamoto Error in Bitcoin Halving Code
Halving was added to the Bitcoin code by BTC founder Satoshi Nakamoto to control the supply and inflation of BTC. According to the code, only 21 million bitcoins will be mined and the block reward for miners will be halved every 210,000 blocks.
Satoshi Nakamoto was not perfect and made some mistakes in Bitcoin's code. For example, according to Mike Hearn, one of the early Bitcoin developers, Satoshi intended to integrate a peer-to-peer (P2P) marketplace into the protocol, but the developer was never able to complete the code and the idea was shelved.
However, as an interesting piece of information, Satoshi Nakamoto actually made a mistake in the BTC code, and after 64 halving events, a code was applied so that the BTC rewards were increased to 50 BTC again. In order to prevent this situation that will occur in 2262, a change was made in the BTC code in 2014.
Since the Bitcoin halving event has reduced the amount of supply, the price has always been positively reflected so far. Especially when determining the bear and bull cycles of Bitcoin, the halving event is usually followed closely. For this reason, all investors are expected to follow the next year closely.
*Not investment advice.
