“Halving”… “halvening”… “quantitative hardening” —This upcoming event in the Bitcoin industry has a few different names, but whatever you prefer to call it, what is it all about?
FYI in this article, we’ll call it the “halving” to keep things simple 👍
What is the Bitcoin halving?
A halving is an event in Bitcoin that happens every four years or 210,000 blocks mined.
When it happens, the Bitcoin mining reward will be halved. From that point forward, miners will only receive half the amount of Bitcoins for verifying transactions.
As the third halving to happen in Bitcoin’s history, the reward will go from the current reward of 12.5 BTC to 6.25 BTC.
When is the halving happening?
The halving isn’t an event that will be triggered by a specific person or person(s) in the Bitcoin industry.
Rather it’s already automatically coded into the Bitcoin protocol and will occur as soon as we reach 210,000 blocks mined.
Bitcoin enthusiasts have been counting down to this date for the past few months, many giving their best guesses on what else may happen after the halving.
Bitcoin’s price — and what it could do after the halving — is the hottest topic for debate.
Some people are asking if it will be “priced in” which would see the price stay at whatever it halves at. For example, if the price was $8,000 as the halving occurred, it would stay at $8,000 for an undetermined period of time afterwards.
Others are speculating that Bitcoin will go to the moon 🚀 — aka the price will go on a bull run and rapidly increase.
But, the truth is that no one knows what will happen to the price until after the halving has happened.
Our CEO and Co-Founder, Danny, recently shared some interesting stats about the Bitcoin price after the two previous halvings (he sums up our feelings well!):
Get involved in the halving
Although the halving will happen regardless of what anyone in the industry does, you can still be involved by proudly wearing a pair of The Halving Bitcoin socks from the team at MtSocks.
MtSocks is an online shop selling limited edition Bitcoin socks. The mission is to educate more people about Bitcoin in a fun way with designs inspired by events in Bitcoin’s history!
P.S. For a limited time only, all Bitcoin socks are on sale with 50% off! (Sale ends Friday 23 April 2020, 23:59).