Bitcoin bulls eye supply growth drop below 1% for first time ever in April halving

investing.com:

Investing.com — Bitcoin supply growth is set to drop below 1% for the first time ever next month, when the ‘halving event’ gets underway, underscoring the popular crypto’s scarcity premium and likely fueling the current bull run just as institutional investors join the race to ‘hodl’ the popular crypto.

«Bitcoin supply growth is currently about 1.7% and that will be reduced to a bit under 1% for the first time in bitcoin history,” at the next halving event, expected “sometime on April 17”, Bill Laboon, Director of Education and Governance Initiatives at Web3 Foundation told Investing.com’s Yasin Ebrahim in an interview on Thursday.

Halving events, which occur once every four years, cut the amount of bitcoin that is produced on the bitcoin blockchain, or network, by miners in half — hence, ‘halving.’  

The only way to make bitcoin is by producing blocks for the Bitcoin network. Each block currently produces 6.25 bitcoin that is distributed to the miners responsible for validating transactions stored in blocks on the blockchain. But at the next halving event, this reward will be halved to 3.125 BTC, slowing the rate at which new bitcoin is minted and increasing its scarcity as well as price.

About 19.6 million bitcoin, roughly 93.59%, of the total 21 million bitcoin has already been mined. “Going forward miners are going to be fighting for a much, much smaller issuance of Bitcoin in every block,” Laboon said, adding that there’s still aways to go until the last block is mined, expected sometime in 2140.

Since its inception in 2009, there have been three halving events that have reduced the supply growth of bitcoin from a 25% rate to just under 2% currently.

During previous four-year halving cycle, the price of bitcoin has