- The Bitcoin halving event is near, with fewer than 100 blocks left.
- Bitcoin halving reduces mining reward from 6.25 to 3.125 BTC.
- Halvings ensure total Bitcoin supply won’t exceed 21 million.
The Bitcoin network is nearing a crucial halving event, expected to occur just after midnight UTC on April 20, equivalent to 8 p.m. Eastern Time today. This event, which typically happens every four years and is calculated based on creating new blocks approximately every 10 minutes, halves the reward for mining Bitcoin. When the network hits block height 840,000, the mining reward for Bitcoin will be reduced from 6.25 BTC to 3.125 BTC per block.
Bitcoin halving occurrences will continue until the final bitcoin is mined around 2140, at this point, miners will only earn money from transaction fees. The fourth Bitcoin halving event is fast approaching, with fewer than 100 blocks left until it takes place.
The History of Bitcoin Halvings
Bitcoin halvings are automatically scheduled to occur every 210,000 blocks, usually lasting about four years. This method cuts the payout for mining new blocks by 50% and is a key component of the cryptocurrency’s deflationary approach.
Since Bitcoin’s beginning, there have been three halving events. These occurred in 2012, 2016, and most recently in 2020, with the block reward gradually decreasing from 50 BTC to its current rate of 6.25 BTC. The upcoming halving will further reduce this subsidy to 3.125 BTC for each block.
This approach ensures that Bitcoin’s total supply will never surpass 21 million coins, seeking to protect the asset’s value from inflation in the long run.
This economic policy impacts the mining community by affecting profitability, Bitcoin’s market price, and investor behavior. As the halving date approaches, the cryptocurrency community remains vigilant, anticipating significant shifts in mining dynamics and market reactions.
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The post Bitcoin Approaches Halving Milestone with Fewer than 100 Blocks to Go appeared first on Crypto News Land.
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