The most anticipated cryptomonal event of 2020, the third Bitcoin halving (BTC), has just occurred. Occurring only once every four years, the latest Bitcoin halving just reduced the Bitcoin block reward from 12.5 BTC to 6.25 BTC.
The event took place at 3:23 p.m. EST on Monday, according to Tradeblock.com. After the halving, Bitcoin is trading at $8,500, with a 67% market dominance at the time of publication, according to Coin360.
Unprofitable miners are already leaving the Bitcoin network before the BTC halving
Bitcoin’s per-block reward path ranges from 50 BTC to 0.00000001 BTC
Since the first block of Bitcoin was generated in 2009, there have been three halving events. Taking place once every 210,000 blocks mined, or approximately once every four years, a Bitcoin halving reduces the mined block reward by 50%. The first Bitcoin halving event took place in 2012, reducing the original block reward from 50 BTC to 25 BTC. The second halving event took place in 2016, with the reward going down from 25 BTC to 12.5 BTC.
Since the Bitcoin supply is limited to 21 million coins, the
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halving events should continue until 2140, or the 21-millionth BTC. By that time, the block reward should reach 1 satoshi, or the smallest Bitcoin unit at 0.00000001 BTC. At the time of publication, the number of Bitcoin in circulation is 18.37 million, according to Blockchain.com.
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The impact of Bitcoin’s halving
As the previous 2 Bitcoin halvings finally impacted the price of Bitcoin in a positive way, Bitcoin halvings have become the subject of various price predictions and speculation. While some cryptoplayers have predicted that the third Bitcoin halving will have no effect on the price of Bitcoin, others are sure that it will definitely affect the price of cryptomoney due to a cut in the supply of Bitcoin.
While the price correlation of Bitcoin seems to be questionable, the latest halving of Bitcoin has a direct impact on miners. A number of crypto experts predict that the new halving will cause miners to stop generating new Bitcoin, as a large number of mining devices will become obsolete. According to Poolin’s vice president, Alejandro De La Torre, a number of unprofitable miners had already begun shutting down their equipment before Bitcoin was halved on Monday.