One of the key ways that make Bitcoin different from any traditional money is that it is limited. Only 21 Million of the BTCs are going to be distributed among its consumers. Now, this makes it a rare commodity. The dearth has been developed only to limit the number of BTC, which the miners can easily get the outcome of sorting out the complex kind of BTC transactions. Talking specifically about halving that remains in one single place for slashing down the total amount of BTC by any miner, it is nothing but adding up a certain amount or block of the blockchain. This is where one can see that the miners are able to sort out the block of BTC transactions every ten minutes. The miners then get a block award that comes as a reward. So, when we saw BTC coming in 2009, the very first reward one could get was 50 BTC.
Today, all we can see is just 12.5 BTC. Now, let us understand what really happened. In the short-term goal, we can call halving to be something that really happened. This very block reward seemed to have cut further in another half, and then it turned to cut with yet another half once again. Thus halving can be called something in programming that is added in Bitcoin only to slash down a certain amount of block reward in every next half in every fourth year. If you look at sites like http://cryptoinvestor.app/, you can get more on this subject.
Nonetheless, we can understand the very basic idea about the same. The next halving was seen during the spring of 2020, and this was certainly dependent upon how the bitcoin of around 210K was mined. Well, let’s explore more on it in the following paragraphs:
Understanding Bitcoin Halving – The total number of BTC, which the miners get as a block reward for addressing some complex kind of calculations, further helps in adding BTC to the blockchain, and this in turn helps in slashing down the half portion of the same in an interval of four years. With this, one can find BTC becoming more valuable and resourceful, thus becoming scarce as well as a commodity. Miners are certainly going to get less of BTC like a reward as time passes away. But with the rise of BTC price, one could see miners stating the end of more value from the reward blocked earlier. Theoretically speaking, halving can be seen available till 2140, which also estimates the fact that it can suggest 98 percent of BTC that is to be mined by the end of 2030.
Now, the big question is, when do we see BTC halving ever happen? As said, it takes place in an interval of four years or for every 210K blocks. It is very much vital to keep a note that the total number of blocks simply talks about what and when BTC halving is decided to take place. The very first halving seemed to have happened at the 210K number of blocks. The second was seen taking place when the block reached 420K blocks. Talking about the next halving event, it is going to take place when the block reaches 630K. The next halving will take place in 2024. This very event would occur as the block is being added with 840K and so on and so forth.
Talking about the first time when the halving was seen taking place, it came with the block reward that went down to 50 bitcoin to 25 Bitcoin. This was somewhere in November in the year 2012. The next was seen in 2016, and this time the reward was seen to be around 12.5, and it is still standing at the same point. In 2020, one can find BTC halving taking place, and it further has again reduced BTC to around 6.25. Generally, this is the clock, which is followed on the internet world, and every time the halving is done, it comes with a tracking number that helps you to check the number of blocks coming up in the BTC halving using blockchain on a regular basis. Generally speaking, we can see a number of experts predicting the way the halving event is going to take place in the coming turn somewhere in 2024.