What is a Bitcoin Halving? — Explained
Why does it matter?
A bitcoin halving typically occurs every four years, the most recent Bitcoin halving happened on 11 May 2020. To understand what bitcoin halving is, it is necessary to first understand a bit about how the bitcoin network works.
The bitcoin system consists of a network of computers (also known as “nodes” or “miners”) that run bitcoin’s code and store its blockchain. A blockchain can be thought of as a series of blocks metaphorically. Each block contains a set of transactions. Since all computers running the blockchain have the same list of blocks and transactions, they can see these new blocks and transactions in real-time.
The blockchain becomes more stable and secure as more machines, or nodes, are connected to it.
It is estimated that over 10,000 nodes are currently running Bitcoin’s code.
Can I become a node in the bitcoin network?
Yes, you can become a node in the bitcoin network if you have enough storage to download the whole transaction history and entire blockchain, but not a bitcoin miner.
Bitcoin Mining
Bitcoin mining is the process where people can use their computers to participate in. In general, mining entails solving computationally complex…
