Bitcoin halving is something that happens every four years.This is the third halving since the Up until now, the previous halving has resulted in the increased value of bitcoin. The digital currency circulation solely depends on the miners who run the software that races to solve complex maths puzzles in return for bitcoins.
The bitcoin halving this year, that took place on 11th of April 2020, will significantly cur the reward for unlocking a “block” has been cut from 12.5 new coins to 6.25. The halving was written into the cryptocurrency’s code by its creator, Satoshi Nakamoto, to control inflation.
The bitcoin will undergo halving for every 210,000 blocks until they reach zero in around two decades time. Limiting the total number of bitcoins that will eever exisit to 21 million.
This is because- unlike currencies such as the dollar, pound or euro-digital currencies have no central banks to regulate their supply.
Supporters of the cryptocurrency say that this scarcity is part of what underpins its value and makes it a potential safe haven against currencies that are vulnerable to devaluation during times of economic crisis.
The digital currency has gained more than 20% since the start of this year, touching $1000 last week. That came after a report that hedge fund manager Paul Tudor Jones has backed the cryptocurrency as a safeguard against inflation.
But there are chances that the miners may shift to more profitable cryptocurrencies since the incentives is less for miners now to mine Bitcoin.
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