BTC Halving

Bitcoin has just gone through a multi-level setup, which slowed down the creation of new coins during the planned halving. What does this mean and what are the results — Bountyhub.io tells.

Halving held on Monday means that the reward for solving the block has been reduced from 12.5 new coins to 6.25 BTC. This procedure was recorded in cryptocurrency code by its creator, known as Satoshi Nakamoto, to control inflation.

This is the third halving since the creation of Bitcoin in 2009. The first took place in November 2012, the second in July 2016. The next time this will happen in 2024 if the cryptocurrency market still exists (we are sure that it will).

The Bitcoin Code also makes it clear that the reward to miners will continue to halve every 210,000 blocks until it reaches zero in about two decades, limiting the total amount of BTC that will ever exist to 21 million. This is due to the fact that unlike currencies such as the dollar, pound or euro, digital

currencies do not have central banks regulating their supply.

According to crypto enthusiasts, it is the cryptocurrency deficit that allows it to protect itself from devaluation during the economic crisis and become a single solution for protecting finances. However, some investors emphasized that halving the block reward could make cryptocurrency less attractive to miners.

There is a limit on the number of bitcoins that can be mined: there are only 21 million BTC in the system, and mining will be stopped as soon as this number is dialed; Currently, there are about 18.6 million BTC in circulation, that is, less than 3 million bitcoins are left to be mined.

According to the plans of the creators of Bitcoin, halving will complicate mining and extend the time of coin mining until 2140.

The price of one bitcoin is about $8,868; a year began, fluctuating around $7,000, and then rising to $10,000 in February and dropping below $5,000 in March.