Why are halvings significant. The bitcoin blockchain has experienced its third block reward halving on may 11 2020 at approximately 321 pm est even though quite a few countdown clocks estimated that the halving would.
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As rare as an eclipse a world cup and your best friend buying you a drink the bitcoin halving generates a lot of excitement in crypto circles.
Bitcoin halvings. Every 4 years on average 210k blocks the reward granted to bitcoin miners for adding a block to the blockchain is cut in half. For this upcoming bitcoin halving also known as halvening the total number of bitcoin mined by miners per block will be reduced from 625 btc to 3125 btc. The bitcoin halving was designed by satoshi nakamoto to keep bitcoins inflation in check.
After every 210000 blocks are mined approximately every 4 years the block reward halves and will keep on halving until the block reward per block becomes 0 approximately by year 2140. This event also cuts in half bitcoins inflation rate. A bitcoin halving event is when the reward for mining bitcoin transactions is cut in half.
When bitcoin first started 50 bitcoins per block were given as a reward to miners. Bitcoin halved on may 11 2020 around 3 pm est.
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