What is Bitcoin Halving? Posted On 2023-12-20 08:32:35 | By Alexze Jaxon |
---|
Bitcoin halving is a crucial event in the cryptocurrency world that occurs approximately every four years, or after every 210,000 blocks are mined. The term "halving" refers to the reduction of the reward that miners receive for validating and adding new transactions to the blockchain. In simpler terms, the amount of new bitcoins created and earned by miners is halved. Initially set at 50 bitcoins per block, the reward decreases to 25, then 12.5, and so on. This reduction is integral to the controlled supply mechanism of Bitcoin, capping the total number of bitcoins at 21 million. |