Bitcoin Halving 2020 took place on May 12th. This generally occurs once in four years periodically. This is termed to be the most awaited event for all the crypto lovers because of the impeccable growth of crypto coins in the past.
The term halving refers to the number of coins mined will be received by the miners and will be reduced by half on the original. The block reward received by the miners will be decreased by 50% from the actual block reward mined.
Past Halvings
The very first halving took place in the year 2012 with the block reward of 50 which was reduced by 25 tokens. The second halving took place in the year 2016 with the block reward of 25 which was reduced to 12.5 tokens. Third halving took place very recently on May 12Th 2020 with the block reward 12.5 which was reduced to 6.25.
The next halving is estimated somewhere in the year 2014 with the block reward of 6.25 which will be decreased to 3.125 tokens.
Value of Bitcoin After Halving
Bitcoin a new crypto coin which was introduced by Satoshi Nakamoto in the year 2008. But, it came into force in the year 2009. Satoshi always wanted this new virtual coin to be valued as a highest resource just as gold.
Bitcoin is a global currency which has become very scarce just as gold because of Satoshi’s algorithm. The value of bitcoin is unpredictable. According to the bitcoin algorithm, there are only 21 million bitcoins to be mined. If the bitcoin reaches 21 millions the new generation of bitcoins will be stopped. The existing coins will only be in circulation undergoing halving periodically.
In the year 2012 after the first halving the price of the bitcoin was increased from 11$ to 1100$. In the year 2016 after the second halving the price of the bitcoin was increased from 500$ to 800$. By the end of 2017, bitcoin mesmerized all the crypto lovers with its impeccable growth of 20,000$.
Total Bitcoin Halvings
According to bitcoin formulae there are only 32 halvings in total. We are just done with 3 bitcoin halvings more 29 halvings are yet to happen ie., it takes more 120 years to complete all the halvings. The next bitcoin halving is estimated in the year 2014.
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