What is Bitcoin Halving?
The Bitcoin network releases new bitcoins in every ten minutes. For the first four years, the number of bitcoins issued was 50 for every ten minutes. After that, for every four-year time gap, the numbers were dropped by halving, this process is known as “Halving” or “Haleving” For instance, 25 bitcoins in 2012, 12.5 in 2016, and now in 2020, the number of bitcoins issued will be 6.25.
Why is Bitcoin Halving So Important?
The process of Bitcoin halving reduces the number of new bitcoins issues per block. Thus, as the supply decreases, the prices of this electronic currency sors. How? Because the supply is lowering, but the demands are still steady.
Bitcoin Halving Schedule
The schedule of the Bitcoin halving happens according to the block height, and not the date. It means the halving process is done when the block height reaches 210,000. So, the block halving for the year 2020, will occur when the network reaches 630,000, and 840,000blocks for the year 2024.
How Bitcoin Halving Affects the Miners?