Bitcoin's protocol specifies that the block reward is halved every 210,000 blocks until the year 2140 when the block reward becomes zero, and the total supply of bitcoins reaches a constant 21 million coins.
Therefore, Bitcoin has experienced halvings at block heights 210,000, 420,000, and 630,000. Currently, the block height of Bitcoin is 818,670. When the block height reaches 840,000, Bitcoin will undergo its fourth halving, reducing the block reward from the current 6.25 BTC to 3.125 BTC.
This mechanism ensures a controlled issuance of new bitcoins over time, creating scarcity and maintaining a predictable inflation rate for the cryptocurrency.
It's important to note that these specifications are based on the original Bitcoin protocol and are subject to consensus rules and potential protocol updates in the future.
The Bitcoin halving events are closely linked to the overall bull market cycle of the entire cryptocurrency market. Historically, after each halving, the price of Bitcoin has rapidly surged within 6 to 18 months, reaching new all-time highs. Therefore, the impact of Bitcoin halving on the market has garnered significant attention within the industry.
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