Bitcoin Halving (In Just 5 Minutes)

What is Bitcoin Halving?

As we all know, Bitcoins are the most popularized digital coins flying across the world. Even though it has created so much awareness among people, the main drawback is its value is unpredictable and can’t be valued further. Bitcoins are generated by the bitcoin network every 10 minutes. In 2008, bitcoin came into existence from then after four years the bitcoins count came to 50 and this is cutoff into half. This is called Bitcoin Halving.
Bitcoin Halving (In Just 5 Minutes)

After the first halving in 2012 the bitcoins count was dropped to 25 and after the second halving in 2016 the bitcoins count was dropped to 12.5. Now, it is estimated that in the third  halving which is yet to be held in 2020  the bitcoins count will drop to 6.25.

Significance of Bitcoin Block Halving

The main objective of halving is to decrease the count of bitcoins generated per block. This actively ensures that the count of the bitcoin supply is lower.

When comparing the bitcoin network with our regular markets, if the supply of a product is decreased the demand for the same will automatically increase. In the same way, halving will surely increase the value of the bitcoin.

Bitcoin Halving is scheduled block-wise but not data-wise. On every 210,000 blocks, halving happens. In 2020 halving happens for 630,000 blocks and in 2024 halving happens for 840,000. It is estimated that in 2020 havling may occur in the month of May and in 2024 it may occur between March and May. It is powered by blockchain technology. After the huge process of mining, the miners are rewarded with bitcoins.

Satoshi Nakamoto, the creator of bitcoin explained that there are only 21 million bitcoins after that bitcoins will not be mined at any cost. The mining will be desperately stopped in order to control inflation. But, according to the Bitcoin formula, the maximum number is 20,999,999,9796 million it will not reach 21 million. It can take a very long period, maybe till 2140.

Bitcoin Halving Price History 

Bitcoin Halving plays a very crucial role in the bitcoin community. It lowers the bitcoins per block in order to increase the value of bitcoin and make it scarce like gold. BTC values after halving are as follows.

2012: The price on the Halving day was 11$ by the end of the year the price was increased to 1,100$. 

2016: The price of the Halving day was ranging from 500$-800$  by the end of the year the price was 800$.

By the end of 2017, the price went on height, it was 20,000$.

There are 32 halvings in total, we are just done with 2 halvings and the third one is yet to happen soon. have come up with the most booming topic and developed an innovative infographic on Bitcoin Halving.