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#Bitcoinhalving: Bitcoin Hits Third Halving In Its History

Bitcoin has experienced its once-in-four-years event: third halving, the latest Bitcoin mining block reward just plunged the Bitcoin block from 12.5 BTC to 6.25 BTC.

Brandnewsday gathered that the most anticipated cryptocurrency event of 2020, Bitcoin’s (BTC) third halving, has just occurred. Occurring once in every four years, which always led to a flat reduction of the BTC half value.

In data from Tradeblock.com, Bitcoin’s third halving event took place at 3:23 p.m. EST on Monday. After subduing the halving, Bitcoin is currently trading at $8,500, with the market dominance of 67% as of press time, this made known according to Coin360.

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Bitcoin Block History- Bitcoin Reward Path

Since the first Bitcoin block was generated back 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 cuts the current miner block reward by 50%. The first Bitcoin halving event took place in 2012, cutting the original block reward from 50 BTC to 25 BTC. The second halving took place in 2016, with the reward dropping from 25 BTC to 12.5 BTC.

According to Cointelegraph.com, as Bitcoin’s supply is limited to 21 million coins, BTC halving events should continue to take place until the year 2140, or until the 21-millionth BTC. By that time, the block reward should reach 1 satoshi or the smallest unit of Bitcoin at 0.00000001 BTC.

Meanwhile, as at the time of writing this content, the number of BTC in circulation equivalent to 18.37 million, according to Blockchain.com.

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Bitcoin Halving’s impact-What You Should Need To Know:

As the two previous Bitcoin halvings eventually impacted Bitcoin’s price in positive ways, Bitcoin halvings have become the subject of diverse price predictions and speculation. While some crypto players have predicted that the third BTC halving will have no effect on Bitcoin’s price, others are confident that the halving will definitely affect the price of the cryptocurrency due to a cut in new Bitcoin supply.

While Bitcoin price correlation appears to be questionable, the latest BTC halving has a direct impact on miners. A number of crypto experts predict that the new halving will imminently trigger miners to shut down generating new Bitcoin as a wide number of mining devices will become outdated according to Cointelegraph.com.

In a statement gathered by this reliable platform, mining pool Poolin’s vice president, Alejandro De La Torre, a number of unprofitable miners had already begun shutting down their equipment before the Bitcoin halving on Monday.

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Adebayo

Adebayo is a Content Developer and website manager who loves to learn, unlearn and relearn. He has a knack for exploring the tech world. He is always thirsty to learn as the tech ecosystem evolves every day.

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