The latest Bitcoin halving event took place on April 19-20, dividing the reward for contributors who secure the network from 6.25 BTC to 3.125 BTC. One month later, people in the crypto community are still discussing what this means for everyone in the crypto industry.
As the most popular cryptocurrency is often used for gambling, many questions have been raised on how the 2024 halving event has impacted crypto casinos. That’s exactly what we’re going to look at in this post.
The impact of Bitcoin halving on iGaming
History has shown that Bitcoin halvings immediately impact Bitcoin’s value, causing it to go up significantly. This was also the case with this year’s event and BTC stands at slightly over $67,000 at the time of writing.
Such surges in Bitcoin usually attract more players to iGaming platforms and this year wasn’t an exception. With more people looking to obtain this cryptocurrency, they started seeing an increased number of visitors on a regular basis.
The main reason behind this is that after such surges, Bitcoin enthusiasts are exploring all methods for obtaining the Satoshi-invented currency. And besides buying and mining it, they can also visit a crypto casino and try to win it. Activity at such casinos is naturally higher when there’s more demand for the token.
Once the next halving event takes place, crypto casinos will be even more prominent than now.
These platforms are already extremely popular due to the number of advantages they offer. They are generally considered safer due to the nature of the blockchain and offer faster transactions. Additionally, if you want to gamble using crypto, it means you’ll be playing at a no ID verification casino and stay anonymous.
With Bitcoin going up following the 2024 halving event, these platforms will see further traction.
Another ripple effect of Bitcoin’s increase in value is that iGaming operators will start introducing new games, features, and bonuses, as they look to capitalize on the current state of the market. More options within the market are always good news for the players as they bring better perks and more fun.
Also, don’t be surprised if we see more and more such casinos being launched in the coming months. With iGaming operators being more profitable during these bull runs, it’s natural for new entrepreneurs to look to get in on the action.
Bitcoin Halving Timeline and Crypto Casinos
The first Bitcoin halving took place in 2023 when the cryptocurrency was still largely unknown. The reward was then reduced from 50 BTC to 25 BTC. It was around this time that Bitcoin saw a significant increase in value, rising from $13 to $1,152 the following year.
This surge was what drew the attention of a wider audience, including gambling sites. In late 2012, some of them started offering Bitcoin as in-game currency. This trend really gained momentum in 2013 and cryptocurrencies emerged as a legitimate deposit/withdrawal option.
By the time the 2016 halving occurred, Bitcoin was standing at $664 but it surged all the way up to $17,760 the following year. This was when iGaming operators started exploring other ways they could utilize blockchain technology and move on from only using it for transactions. This brought us numerous innovations in terms of security, fairness, and transparency.
The 2020 halving happened during the COVID-19 pandemic but the price of this cryptocurrency followed the same pattern. It went up from $9,734 to $67,549 in 2021, and the use of cryptocurrencies in iGaming expanded once again.
Each halving event has historically caused the price of Bitcoin to go up due to the increased scarcity. With that said, you shouldn’t be surprised we’re already starting to see the same thing happening again. It’s all set for iGaming to be one of the sectors gaining the most from the 2024 Bitcoin halving.
Understanding the Bitcoin Halving
As mentioned earlier, Bitcoin halving is a process that reduces the awards for miners by half. It occurs every four years when an additional 210,000 blocks are added to the blockchain.
It helps manage the supply of this cryptocurrency and maintain its scarcity. Since the total supply of the Satoshi-invented currency is capped at 21 million, these processes reduce the pace at which new Bitcoins are generated. Theoretically, this makes them more valuable over time.
The rewards system is expected to continue until 2140 when the last Bitcoin will be mined and the proposed limit of 21 million is reached. With halvings taking place every four years, the reward for miners will get smaller and smaller. Eventually, the reward will reach one satoshi which translates to 0.00000001 Bitcoin.
These halvings have major implications for Bitcoin networks. They may eventually cause individual miners and smaller players to drop out and we may see larger players take over the mining ecosystem.
The upcoming halving will cut the rewards to 1.5625 BTC. It’s still too early to predict the exact date this will happen, but it’s likely it’ll take place in early 2028.
Conclusion
With the value of Bitcoin increasing following the 2024 halving, crypto casinos will undoubtedly gain substantial rewards. Crypto enthusiasts will show an increased interest in gambling using Bitcoin, causing the industry to expand even further. iGaming operators will continue to look to introduce new gaming models supported by blockchain technology, potentially redefining the online gambling landscape.