Bitcoin Just Experienced Third Halving in Its History
Bitcoin has just experienced a one-in-four-year event, its third halving, which has cut the miner block reward from 12.5 BTC to 6.25 BTC.
It Happened: Bitcoin Just Experienced Third Halving in Its History NEWS
The most-anticipated cryptocurrency event of 2020, Bitcoin’s (BTC) third halving, has just taken effect. Occurring just one occasion every four years, the most recent Bitcoin mining block reward halving just reduced the Bitcoin block reward from 12.5 BTC to 6.25 BTC.
Bitcoin’s third halving event happened at 3:35 PM EST on May 11, in step with data from Tradeblock.com. Having overcome the halving, Bitcoin is trading at $8,500, with market dominance of 67% as of press time, in step with Coin360.
Bitcoin block reward path from 50 BTC to 0.00000001 BTC
Since the primary Bitcoin block was generated back in 2009, there are three halving events. going down once every 210,000 blocks are mined, or approximately once every four years, a Bitcoin halving cuts this miner block reward by 50%. the primary Bitcoin halving event happened in 2012, cutting the initial block reward from 50 BTC to 25 BTC. The second halving happened in 2016, with the reward dropping from 25 to 12.5 BTC.
As Bitcoin’s supply is restricted to 21 million coins, Bitcoin halving events should still happen until the year 2140, or until the 21-millionth BTC. By that point, the block reward should reach 1 satoshi, or the tiniest unit of Bitcoin at 0.00000001 BTC. At the time of publication, the amount of Bitcoins in circulation amounts to 18.37 million, in step with Blockchain.com.
The Bitcoin halving’s impact
As the two previous Bitcoin halvings eventually impacted Bitcoin’s price during a positive way, Bitcoin halvings became the topic of diverse price predictions and speculation. While some crypto players predicted that the third Bitcoin halving will don't have any effect on Bitcoin price, others are confident that the halving will certainly affect the worth of the cryptocurrency because of a cut in new Bitcoin supply.
While Bitcoin price correlation appears to be questionable, the most recent Bitcoin halving contains a direct impact on miners. variety of crypto experts predict that the new halving will imminently trigger miners to close up generating new bitcoins as a good number of mining devices will become outdated. in step with mining pool Poolin Alejandro De La Torre, variety of unprofitable miners have already begun shutting down their equipment before the Bitcoin halving on May 11.
Bitcoin’s halving has just happened, but Cointelegraph’s Bitcoin halving party still continues on YouTube. try the schedule and use this link to hitch.
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