Bitcoin's Halving Progress Hits 61%: What Comes Next for Miners?
Bitcoin's next halving event is steadily approaching, with the progress toward the event now at 61%. According to Root, a Bitcoin on-chain and cycle analyst, this milestone is significant. The next halving will reduce the reward miners receive for mining a new block by half.
The last halving occurred in April 2024, when the reward was reduced from 6.25 BTC to 3.125 BTC. This time around, it's expected that the reward will fall to 1.5625 BTC. The estimated date for the next Bitcoin halving is April 13, 2028.
With this progress, expectations for the next halving event remain positive. Coinbase CEO Brian Armstrong has previously mentioned a potential Bitcoin price run-up ahead of the next halving event, stating 'And we tend to see run-ups in advance of that.' This expectation adds to his optimism about the next year or two.
Bitcoin's recent performance is also noteworthy, with the cryptocurrency reclaiming every one of its long-term moving averages. After around 300 days beneath them, this dynamic has now flipped, and holding above them is what maintains a long-term uptrend.