More Examples

“When is the next Bitcoin halving?”

Bitcoin halvings happen every 210,000 blocks (~4 years).”

“Some people refer to the Bitcoin halving as ‘The Halvening.'”

Definition(s) from the Web

  1. Bitcoins are created each time a user discovers a new block. The rate of block creation is adjusted every 2016 blocks to aim for a constant two week adjustment period (equivalent to 6 per hour.) The number of bitcoins generated per block is set to decrease geometrically, with a 50% reduction every 210,000 blocks, or approximately four years. The result is that the number of bitcoins in existence will not exceed slightly less than 21 million. Speculated justifications for the unintuitive value “21 million” are that it matches a 4-year reward halving schedule; or the ultimate total number of Satoshis that will be mined is close to the maximum capacity of a 64-bit floating point number. Satoshi has never really justified or explained many of these constants. This decreasing-supply algorithm was chosen because it approximates the rate at which commodities like gold are mined. Users who use their computers to perform calculations to try and discover a block are thus called Miners. Source
  2. Bitcoins are created as reward (called a block reward) for miners or mining pools who successfully mine a block. New blocks are added to the blockchain at a fixed frequency of six blocks per hour, or every ten minutes (this is the difficulty rate). The amount of bitcoins issued as reward in each block is halved every 210,000 blocks, or approximately every 4 years. This entails that the supply of bitcoin is finite; there will only ever be 21 million bitcoin in existence. In 2008, block rewards were set to issue 50 bitcoins; in November 2012 this amount became 25 bitcoins, and in July 2016 it became 12.5. Following this schedule, it is estimated that the last bitcoin will be mined in the year 2140, when the cap of 21 million bitcoins is reached. Thus, like with gold, the supply of bitcoin depends on the mining process, rather than on the demand for it. Source
  3. By convention, the first transaction in a block is a special transaction that produces new bitcoins owned by the creator of the block. This is the incentive for nodes to support the network. It provides the way to move new bitcoins into circulation. The reward for mining halves every 210,000 blocks. It started at 50 bitcoin, dropped to 25 in late 2012 and to 12.5 bitcoin in 2016. The most recent halving, which occurred in May 2020 (with block number 630,000), reduced the block reward to 6.25 bitcoin. This halving process is programmed to continue a maximum 64 times before new coin creation ceases. Source

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