Bitcoin is a well known virtual coin across the world. It is one of the leading cryptocurrency which is accepted in all crypto casinos as it is powered by blockchain technology in order to record all the digital transactions in its blocks.
It was first proposed by Satoshi Nakamoto in 2008 and came into existence in 2009 with a top-notch security system i.e., blockchain technology. The main advantage of Bitcoin is that it’s a legal currency and transparent in nature. Hence, it can be read on the blockchain.
Bitcoin Halving is a precise event on the Bitcoin network which occurs once in four years for every 210,000 blocks. According to Satoshi, bitcoins should not be mined after it reaches 21 million. Now, there are 18.38 million in circulation. Bitcoin’s value is unpredictable in nature; it can grow constantly and can also fall in a fraction of seconds.
There are 32 bitcoin halvings, and it was statistically calculated according to Satoshi’s statement, to have only 21 million bitcoins mined. Just 3 bitcoin halvings have been completed so far, with 29 halvings still yet to come. It is estimated that it takes more than 120 years to finish all the halvings ie., 2140.
Though Bitcoin was introduced in the year 2009 with 50 bitcoins per block, the first bitcoin halving took place in the year 2012 and was reduced to 25 bitcoins per block.
The second bitcoin halving took place in the year 2016 and the block reward was reduced to 12.5 bitcoins per block. The third bitcoin halving took place in the year 2020 and the block reward was reduced to 6.25 bitcoins per block. The next is estimated in the year 2024.
The team from Winbtc.net developed an interesting and informatic infographic to offer a broader understanding of what Bitcoin Halving is. Check it out below;
Informative infographic about Bitcoin Halving in 5 minutes
Author: Allan Bangirana
Allan Bangirana has a taste for all kinds of topics and usually writes about tech, entertainment, sports and community projects that make a difference in society.