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of Halving Bitcoin Here it is. On Friday, just after 8 p.m., the Bitcoin network successfully programmed a reduction in the newly minted BTC. After the 840,000th Bitcoin block is created, successful miners will earn 3.125 BTC per construction in addition to network transaction fees.
The moment, which represents the fourth stripping event in Bitcoin history, has been widely anticipated by the crypto community in recent weeks. Meanwhile, Bitcoin's price rose slightly for the day, just under 1%, trading around $64,000, according to data from CoinGecko.
Bitcoin's software revolution will reach its goal of digital scarcity. When the world's first cryptocurrency was first launched in 2009, Satoshi Nakamoto, the inventor of the Bitcoin hoax, put 21 million Bitcoins in the total supply of the asset.
Currently, the number of bitcoins in circulation is over 19.6 million – which represents the majority of bitcoins being created. Blockchain.com. Halves are expected to occur roughly every four years until the last one in the mid-22nd century.
Bitcoin blocks — batches of transactions added to Bitcoin's blockchain roughly every 10 minutes — determine the rate at which new halvings occur. 210,000 blocks ago, for example, the miners' reward decreased from 12.5 BTC to 6.25 BTC in 2020.
Computers around the world running Bitcoin software help keep the network secure. A race to solve complex mathematical puzzles, where at least 50% of the transactions agree that they are correct, the miner who solves the problem first is rewarded with a sum of Bitcoin.
As a result of the halving, the cost to miners to effectively mine Bitcoin will double. While the incident will not directly increase the amount of energy consumed by the Bitcoin network, it will create a headwind for miners with smaller operations or less computational resources.
The constant competition between miners solving complex problems ensures that no fraudulent transactions enter Bitcoin's blockchain. And 15 years after Bitcoin's existence, the process seems to be dragging along as planned.
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