Cryptocurrency

Altcoins Halving Dates: All You Should Know

Altcoins Halving Dates: All You Should Know

Many altcoins have a fixed supply, which they achieve by halving mining incentives at regular intervals. This decreases coin distribution, impacting cryptocurrency supply and demand.

Bitcoin’s previous halving occurred on May 11, 2020, at block height 630,000. It will happen again in 2024, then again in 2028, and so on. However, it is not only Bitcoin that is experiencing a halvening event. Check out the cryptocurrencies listed below, along with their halving dates.

You can purchase and trade these altcoins from Crypto Genisus if you want to try out cryptocurrency trading.

Altcoin Halvings to Look Out for in 2021

Altcoin halvings (also known as block reward halvings) reduce the pace at which new currencies are created on a specific blockchain by half. Such incidents, dubbed “halvenings” in jest, have long been anticipated by cryptocurrency speculators as catalysts for driving up the value of their cryptocurrency holdings.

Previous attempts to forecast when Bitcoin’s (BTC) price will rise in connection to halvings have been inconclusive at best. Few, however, would be ready to dismiss the dynamics detailed in the law of supply and demand. All else being equal, when the number of coins on the market falls, the demand for these coins, and ultimately, their prices, tend to rise.

With that in mind, here are two cryptocurrency projects whose block reward will be halved in the coming year, cutting their issuance pace in half.

Vertcoin (VTC)

Vertcoin (VTC) will be halved on December 8, at which point the quantity of VTC distributed to miners will be decreased from 25 to 12.5 per block.

See also  Day Trading Cryptocurrency: What to Look Out For

Vertcoin (VTC) was split from Litecoin (LTC) — itself a Bitcoin fork — in 2014 in reaction to the invention of application-specific integrated circuit, or ASIC, processors for Litecoin mining the same year. Vertcoin is designed to be ASIC-resistant and can be mined using a GPU.

Vertcoin, which was formerly among the top 100 currencies by market value, is now placed in the mid-500s following a 98 percent drop from its all-time high in December 2017.

Ravencoin (RVN)

Formally scheduled for January 2022, Ravencoin’s (RVN) initial block reward halving is only 4 calendar months away, with the issuance rate dropping from 5,000 RVN to 2,500 RVN per block.

Ravencoin, which was launched in 2018, is focused at the registration and trading of real-world assets on the blockchain. In 2018, the then-unknown initiative received an unexpected investment of “millions of dollars” from Overstock, the online American retail behemoth.

Earlier this year in May, Ravencoin achieved an all-time high in the $0.2 region. Today, the currency is worth $0.09 – a 55% increase from its valuation of $0.05 in August.

SymbolCryptocurrencyHalving DateCurrent BlockHalving Block
BTCBitcoinThu, 09 May 2024 19:55702925840000
LTCLitecoinSat, 01 Jul 2023 21:4021319462500000
BCHBitcoin CashSun, 07 Apr 2024 08:55707599840000
BSVBitcoin SVThu, 30 Sep 2021 22:05null840000
BTGBitcoin GoldThu, 18 Apr 2024 15:35705975840000
RVNRavencoinMon, 10 Jan 2022 23:3419530312100000
BCDBitcoin DiamondThu, 22 Aug 2024 11:25687856840000
BTMBytomTue, 03 May 2022 21:50716166840000
EMC2EinsteiniumWed, 18 Sep 2024 02:1236962335256000
VTCVertcoinWed, 08 Dec 2021 13:4016404581680000

Next Coin to Be Halved: Vertcoin in 69 days

2021 Halvings: BSV, VTC

How Do Halvings Work

Miners that provide processing power to the network distribute digital tokens for Bitcoin and other cryptocurrencies. Because Bitcoin has a limited quantity of 21 million bitcoins, it is not practical to pay mining incentives indefinitely. The mining reward is decreased in half every 210,000 blocks on the blockchain (which takes roughly four years at 10 minutes per block). This is programmed into a node, which is distributed software. The miners all utilize the same node software, which contains a predetermined timetable of cutting down mining payouts. The first halving occurred in November 2012, when the original supply was reduced from 50 BTC to 25 BTC every block.

See also  10 Best Cryptocurrency to Mine in 2021

How Does an Altcoin’s Halving Affect its Price?

The price is decided by supply and demand on third-party exchanges. Halvenings essentially reduced supply in half, which should result in a price hike in the long run. However, halvenings are frequently utilized as an occasion for big volume margin trading, which can result in extremely high volatility.

This graph depicts the price increase from the previous halvening in 2016, when Bitcoin was valued at $654 USD.

So, what will happen at the next halvening? Nobody knows for sure, but Greyscale associates have made this educated guess.

“For investors with a multi-year investment horizon and a high-risk tolerance, the confluence of discounted prices, improving network fundamentals, strong relative investment activity and the upcoming halving may offer an attractive entry point into Bitcoin.”

How Does Halving Affect Mining?

Miners are well informed of impending halvings and may make equipment purchases accordingly. Mining incentives have already been halved, but the value to USD and other fiat currencies has increased, allowing miners to operate financially and continue to provide the processing power needed to protect the blockchain. As halvings and additional transactions from increasing adoption change the profit ratios, transaction fees will eventually play a larger role than mining incentives for miners.

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.