Every four years, there’s a leap year, presidential election and a Summer Olympics. Now, we can add a new event to that list.
We’re approaching the fourth Bitcoin halving, an event that happens every time 210,000 bitcoin blocks are mined. This event sounds similar to a stock split, but it differs because it’s a step taken to slow the growth of mining, because there are only 21 million of the cryptocurrency available for production. As the name suggests, when a halving occurs, the reward to miners is reduced by 50%.
The halving comes as bitcoin experiences a record-high price. On Monday, Reuters reported it reached $72,739 before settling back to $72,649 later in the day.
Currently, miners receive 6.25 bitcoin for each block mined. At Monday’s price, that would be worth more than $454,000.
The next Bitcoin halving is scheduled for April. So USBettingReport.com – where we usually note the latest trends at US betting sites – wanted to track how the price responded in the year after each one occurred. We used Coindesk.com to track the price. Our findings show the price has risen significantly after each halving, but each increase has been notably smaller. Figures below are rounded to nearest whole number and the April 23 date for the next halving is an estimation.
Bitcoin Halving Trends
History of Bitcoin Halving
With what we’ve seen in previous halvings – and barring any significant downturn in the economy – it’s very likely we’ll see the price next year, again, for twice as many Bitcoin, to exceed the current price.
Because the Bitcoin halving is contingent on 210,000 coins being mined, there is no set date for the event.
According to the X account @btc_halving, 5,214 blocks remained available as of Friday morning on the East Coast. That means the projected halving date is 36 days away on April 23.
If you’re thinking of joining the cyber gold rush, you’ll need more than a pickaxe or a sieve. Investopedia reports those interested will need to invest in high-end computer equipment with the most state-of-the-art processing units to process the mathematic equations to earn a block. Even so, such a computer would represent less than 0.001% (that’s one-thousandth of a percent) of the mining power available.
“With such a slight chance of finding the next block, it could be a long time — if ever — before you solve a hash because it’s all about how many hashes per second your machine can generate. You may never recoup your investment,” the Investopedia article stated.
Where In U.S. Can You Gamble With Crypto?
While Bitcoin and other cryptocurrencies are in wide use online, one place where it’s hard to use them is in America’s regulated gambling space, including legal online sportsbooks.
According to the American Gaming Association, only three U.S. gaming states allow bettors to gamble using cryptocurrency: Colorado, Virginia and Wyoming. Check with licensed operators in those states to determine which, if any, cryptocurrencies they will accept for deposit.
