The Bitcoin (BTC) halving, otherwise known as “the halvening“, is an event that occurs roughly every 4 years. It’s the scheduled halving of the reward miners receive for verifying blocks of transactions on behalf of the BTC network. These “block rewards” act as a mechanism to increase the supply of Bitcoin gradually. On average, one block is “mined” every 10 minutes.
In 2009, Bitcoin’s network launched with a block reward of 50 BTC, which in today’s prices has a value of over USD $450,000. Since then, Bitcoin’s block reward has halved twice, first in 2012 and again in 2016. With the next halving predicted to occur tomorrow, miners are going to receive 6.25 BTC per block rather than the 12.5 they earn today. This halving of rewards is to continue every 4 years until the year 2140 when the network’s production of new coins ceases. The occurrences for “the halvening” events are as such; 1st: November 28, 2012 / 2nd: July 9, 2016 / 3rd: May 11, 2020 and next to occur around Feb 2024 to Jun 2024.
The impact the current halving will have on the market in the short term is unknown. If history is to repeat itself, as many believe that it may, Bitcoin could be on the verge of its next bull run. This belief may be evidenced by the recent run-up on bitcoin prices. One thing is for sure, Bitcoin is a speculative investment, but it remains the champion of digital currency.
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