Block clock mini bitcoin4/5/2023 ![]() Some people believe that the halving is already priced in by the market and thus there's no expectationįor the price to do anything. It is always a debate on what Bitcoin will do in terms of pricing for a halving event. ![]() The third halving event occurred on the 11th of May, 2020 (UTC) at block height 630,000.The second halving event occurred on the 9th of July, 2016 (UTC) at block height 420,000.The first halving event occurred on the 28th of November, 2012 (UTC) at block height 210,000.Block reward which starts at 50 and halves continually every halving event until it reaches 0 (approximately by year 2140)Īny change to these parameters requires all Bitcoin participants to agree by consensus to approve the change.Halving event occurring every 210,000 blocks (approximately every 4 years).21,000,000 Bitcoins to ever be produced.Ever since Bitcoin was first designed, the following consensus rules exist to this day: The network itself controls the issuance of Bitcoins, derived by consensus through all Bitcoin participants. This is helpful to understand what the current inflation rate of Bitcoin is, what the future inflation rate will be atĪ specific point in time, how many Bitcoins are in circulation and how many remain left to be mined. Since we know Bitcoin's issuance over time, people can rely on programmed/controlled supply. To compare housing prices decades ago to now and you'll notice that they've increased over time! Predictable monetary supply ![]() This is known as monetary debasement by inflation. On the flip side,įiat currencies (like the US dollar), inflate over time as its monetary supply increases, leading to a decrease in purchasing power. Scarcer and if demand for them increases over time, Bitcoin can be used as a hedge against inflation as the price, guided by price equilibrium is bound to increase. Like gold, the premise is that over time, the issuance of bitcoins will decrease and thus become scarcer over time. Why was this done?īitcoin was designed as a deflationary currency. As of now, the block reward is 6.25 coins per block and will decrease toģ.125 coins per block post halving. Reward halves and will keep on halving until the block reward per block becomes 0 (approximately by year 2140). After every 210,000 blocks are mined (approximately every 4 years), the block When Bitcoin first started, 50 Bitcoins per block were given as a reward to miners. Reward-Drop ETA date: 17:03:45 UTC What is a block halving event?Īs part of Bitcoin's coin issuance, miners are rewarded a certain amount of bitcoins whenever a block is produced (approximately every 10 minutes).
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