The Historic Bitcoin Halving event has Finally taken place

Bob Coiney

May 13, 2020

The most awaited historic event of Bitcoin halving finally happened. The third Bitcoin halving event which was the third in its history took place and reduced the reward from 12.5 BTC to 6.25 BTC. The much- anticipated halving took place on Monday at 7.23 PM. Bitcoin currently is trading at $8500 with 67% dominance. 

The first Bitcoin block was created in 2009 and ever since there have been three halving events. The halving takes place once every 210,000 blocks are mined or once in 4 years. When halving takes place, the minter’s block reward is also halved. In 2012 when the first Bitcoin halving took place, the original reward was 50 BTC which reduced to 25 BTC. The second halving that took place 4 years later in 2016, reduced it further from 25 BTC to 12.5 BTC. And now with this halving, it has further reduced to 6.25 BTC. 

Bitcoin’s supply also is limited to 21 million coins and halving events should most probably continue till the year 2140. Until then the block reward should reach its smallest unit of 1 satoshi or 0.00000001 BTC. 

Bitcoin halving has been a topic of much discussion and consideration. Investors and speculators have associated Bitcoin halving with positive price movements and otherwise. Bitcoin halving previously also has affected Bitcoin’s price in a positive manner. Now, with the latest Bitcoin halving, there are many crypto experts who are predicting that the halving will have an impact on the pricing of Bitcoin as the supply also has been cut. Price and halving definitely are directly proportional, but the halving will surely render miners to stop with their Bitcoin generation as their mining devices will become obsolete. The VP of the mining pool Poolin’s also added that those miners who were unprofitable had already shut down their operations even before the halving event took place.

The foreseen halving and its countdown finally have happened. It will now be worth waiting for what is to follow after the event. The inflationary tendencies also get reduced due to halving. Whether the price correction will take place or the current trends will continue, it will surely be worth the wait. 

Image Source – Blockchain News