đ© Bitcoin halving is in 2 days
đ© Diving into whatâs happening
The halving impacts the reward miners receive for creating blocks on the Bitcoin blockchain, which consists of 839,495 blocks of data containing information about Bitcoin movements between addresses. These blocks, created every 8-12 minutes, are produced by miners running algorithms to guess a number from a large pool.
The first miner to correctly solve the quiz, creates the next block and receives a miner reward.
The miner for block 839,999 receives 6.25 bitcoin, but for block 840,000, the reward halves to 3.125 BTC.
Bitcoin Halving occur every 210,000 blocks, with this being the fourth one; the previous ones happened in 2012, 2016, & 2020. This reduction in total circulating supply, enforced by nodes running Bitcoin Core worldwide, ensures a fixed supply over time. If the miner producing block 840,000 adds a reward higher than 3.125 bitcoin, the block will be rejected.
Happy Halving đđž
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