What is the Bitcoin Halving?
The day when Bitcoin was born in 2008. It is famous that Bitcoin was invented by Satoshi Nakamoto. At its very first block, 50 bitcoin was mined. In every 4 years of span, this number gets half in its value, this process is called Bitcoin Halving. Means for the next four years this number becomes 25 from 50 and then for next for the year it will be 12.5. you can understand it by the help of the next table:
|Year||Number of BTC Mined/10 min||Number of 10 Mins in 4 years||Total number of BTC mined in each 4 Years|
Note: The above chart is an approximate chart values may vary from the actual one.
First halving happened in 2012 (50 to 25)
Second Halving happened in 2016 (25 to 12.5)
Third halving will be scheduled to happen in the month of May 2020 ( 12.5 to 6.25)
Why does this Bitcoin Block Halving happen every 4 years?
Bitcoin halving is a technical process, bitcoins are basically based on blockchain technology, in this technology chain of blocks generated one after the another and time taken to generate each block is 10 mins. at the inception of bitcoin total, 50 bitcoins were generated every 10 minutes and after 210,000 blocks this number becomes half. so if you calculate the time taken in the completion of the total 210,000 blocks (each of 10 mins), it comes to be approximately 1419 days which is about 4 years. This is the reason behind the bitcoin halving every 4 years.
The first block was generated 09th January 2009
210,001st Block was generated on 28th November 2019
420,001st Block was generated on 09th July 2016
630,001 block would be generated on 11th May 2020.
Bitcoin Circulation Chart
The circulation of bitcoin is increasing in every 10-minute cycle. this increment continues till the last bitcoin mined.
In the image below, you can see Bitcoin’s circulation during each period.
Bitcoin Halving Time-Table
Bitcoin halving is a technical process that does not depend on date, but it is based on the block height.
And the halving is done after every 210,000 blocks
So the schedule of halving in terms of block numbers the Bitcoin halving is scheduled in block height, not date.
Number of blocks
Chart courtesy: wikipedia
Halvings in Miners Perspective:
Every time it is said by experts that after each halving it would be tough form miners to extract the mining setup running cost, but in the past two halvings, it was also seen that the above statement does not apply. But on the other perspective, miners never be in the loss they are smart enough to take out their profits in mining the bitcoin.
In which year all the bitcoins mined?
All 21 million bitcoins (BTC) will be mined by 2148. But more than 97% will be mined by 2031.
Which is the official bitcoin site?
As no one owns bitcoin, but https://bitcoin.org/en/ is the official site to get the complete information about the bitcoin.
Current numbers of Bitcoin Block Reward?
Currently, there are 12.5 new bitcoins issued per block.
Bitcoin halving is a core technical process to generate and to control its supply. It also happened to keep the balance between demand and supply. As bitcoin is completely decentralized, so no one owns it and its technology, it’s true for the people and by the people. It’s opposite in the nature of fiat currency, which ensures its inflationary nature.
Satoshi Nakamoto ensured that the technology remains the same during the generation of the bitcoin. It is too early to predict anything about the bitcoin, because in the case of bitcoin “always expect the unexpected”.
To know about the history of cryptocurrency click here
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