The most anticipated 2020 cryptocurrency event, The third halving of Bitcoin (BTC) has just occurred. The latest Bitcoin halving, which occurs only once every four years, has lowered the Bitcoin block reward from 12.5 BTC to 6.25 BTC.
The event took place at 3:23 p.m. EST Monday according to Tradeblock.com. After halving Bitcoin is trading at $ 8,500, with market dominance of 67% at press timeaccording to Coin360.
Bitcoin’s block reward path ranges from 50 BTC to 0.00000001 BTC
There have been three halving events since the first bitcoin block was generated in 2009. Occurs once every 210,000 mined blocks or approximately every four years. Halving Bitcoin Reduces Mine Block Reward by 50%. Bitcoin’s first halving event took place in 2012, reducing the original block reward from 50 BTC to 25 BTC. The second halving took place in 2016, with the reward falling from 25 BTC to 12.5 BTC.
Since Bitcoin’s supply is limited to 21 million coins, Bitcoin’s halving events should continue until 2140 or the 21 millionth BTC. For that moment The block reward should reach 1 Satoshi or the smallest unit of Bitcoin at 0.00000001 BTC. At the time of going to print, the number of Bitcoin in circulation was 18.37 million, according to Blockchain.com.
The effects of bitcoin halving
Since the two previous Bitcoin halving ultimately had a positive effect on the Bitcoin price, Bitcoin halving has become the subject of various price predictions and speculations. While some crypto players have predicted that the third halving of Bitcoin will have no impact on Bitcoin’s priceOthers are certain that this will definitely affect the price of the cryptocurrency due to a cut in Bitcoin supply.
While Bitcoin’s price correlation seems questionable, the recent halving of Bitcoin has a direct impact on miners. A number of crypto experts predict that further halving will immediately result in miners no longer generating new Bitcoin A large number of mining devices will be out of date. According to Alejandro De La Torre, Vice President of Poolin, some unprofitable miners had already started shutting down their equipment before Bitcoin halved on Monday.
Halving bitcoin is over, however The Bitcoin Halving Party on Cointelegraph continues on YouTube. Check the schedule and use this link to log in.
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