- May 5, 2020
- Posted by: Editorial Team
- Category: Blockchain, Crypto Currency
Bitcoin Halving is also termed as a block halving which works as an event roughly once in four years. Here, the block reward is received by the minors on the bitcoin network when they are halved. As a result the new bitcoins which have to be generated will be decreased.
Bitcoin Halving is a periodic event which is programmed under bitcoin codes and according to algorithm once if the circulation of bitcoins reaches 210,000 halving will be done to reduce it by 50%.
In an historical sense, there are 32 halvings in total. Just 2 halvings are completed as it was introduced in 2008 by Satoshi Nakamoto. The very first halving took place in 2012 with 50 tokens and reduced to 25 tokens after halving. The second halving took place in 2016 with 25 tokens and it was reduced to 12.5 tokens after halving. The upcoming event is yet to happen in 2020 with 12.5 tokens and it will be reduced to 6.25.
It is estimated that, halvings will take place until the block reward becomes 1 Satoshi. This may take 120 years more, maybe till 2140. The maximum number of bitcoins mined is 21 millions according to the bitcoin algorithm.
According to studies the price of the bitcoin is raised after each halving. In the year 2012 it was raised from 11$ to 1100$. In the year 2016 it was raised from 500$ to 800$. In the year 2017 it was 20,000$.
Now, crypto lovers are enthusiastically waiting for the 2020 bitcoin halving. As it is assumed that bitcoin mesmerizes everyone with its incredible growth after the next halving.
Our team from Winbtc.net have come up with the most trending topic and developed innovative infographic on Bitcoin Halving. Here is an overview of Bitcoin Halving (In Just 5 Minutes) with infograph.