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BTC Halving

Countdown to the Bitcoin halving

Article extracted from the Binance website, from the Academy, on the topic: ‘Bitcoin Halving Countdown.’ You can easily find more information by clicking the following link  https://academy.binance.com/it/halving

What is a block halving?

A block halving is the process by which the rate of issuance of new units of a cryptocurrency is reduced. Specifically, it refers to periodic halving events that decrease the block rewards given to miners

How many Bitcoin halvings have occurred previously?

As of July 2019, there have been only two previous Bitcoin halving events. These occurred on November 28, 2012, and July 9, 2016. At the time of the first halving, Bitcoin was worth $12.31; by the time of the second halving, the price had risen to $650.63.

There will be a total of 32 Bitcoin halving events. Once all have occurred, there will be no more halvings, and no additional Bitcoins will be created as the maximum supply will have been reached.

How does Bitcoin Block Halving work?

The Bitcoin halving is a fundamental feature of the Bitcoin protocol. The code can be found on Bitcoin Core’s GitHub, and below is a snippet of the code that enables the Bitcoin halving. As documented in the code, the block subsidy will be halved every 210,000 blocks.

 

Why are halvings important?

Halvings are a fundamental aspect of cryptocurrency economic models because they ensure that coins are issued at a steady rate, following a predictable decreasing rate. This controlled monetary inflation rate is one of the main differences between cryptocurrencies and traditional fiat currencies, which essentially have an infinite money supply.

How is our timer calculated?

You may notice that our Bitcoin halving countdown provides a different estimate compared to others and wonder, “Why is that?”

We believe this makes our countdown more accurate because, instead of using the commonly cited average block time (10 minutes), we use live blockchain statistics to estimate the current average block time, and then base our calculation on that. Our timer may fluctuate, but we believe it is the most precise block halving clock.

The timer for the Binance Academy Bitcoin Halving is calculated using a specific formula: see the details on the Binance Academy website.

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Bitcoin 2024 halving countdown completed.

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Halving Date: April 20, 2024

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Below, you will find some interesting articles from various websites that we are pleased to share. Here are the main topics listed—enjoy reading and/or listening!

  1. ” The Legendary Treasure of Satoshi Nakamoto “  from Swan Bitcoin  
  2. ” Completado el halving de Bitcoin 2024 “  from cointenlegraph.com in Spanish
  3. Bitcoin block halving event from nicehash.com blog 
  4. “Bitcoin post-halving”  from cointelegraph.

What is a Bitcoin Block Halving Event?

Block halving events occur every 4 years or every 210,000 blocks on the Bitcoin blockchain. The initial reward per Bitcoin block was 50 BTC. The current reward per block is 6.25 BTC, while the next reward per block will be 3.125 BTC. This reduces the rate at which new Bitcoins are created. Halving is periodic and is programmed into the Bitcoin code.

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Why was this done?

Conventional fiat currencies are subject to inflation due to the ability of governments or banks to increase the money supply. Unlike these currencies, Bitcoin has a total supply limit of 21,000,000 BTC, meaning no additional coins can be created beyond this limit. This finite supply, along with potential changes in demand as more people adopt Bitcoin, positions it similarly to gold: a resource with a limited supply that cannot be artificially increased.

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