New Delhi, April 20: Bitcoin Halving is a topic of discussion in the crypto community as it is now officially complete. It is an important event for those who are interested in cryptocurrency, particularly Bitcoin miners. Bitcoin Halving happens every four years or so and reduces the rewards that miners receive for adding new transactions to the blockchain.

Bitcoin Halvings is some sort of fixed procedure in the cryptocurrency ecosystem that prevents too many bitcoins being created at once. The upcoming Bitcoin Halvings is expected to have a huge impact on the crypto market, which will affect its supply of new bitcoins and the currency value. Cryptocurrency: Bitcoin Crosses ‘USD 57,000’ for First Time Since 2021.

Bitcoin Halving Is Now Officially Complete

Bitcoin Halving Is Complete

According to a report of CNBC, the Bitcoin network completes the fourth halving of rewards to miners. Bitcoin Halving is crucial for Bitcoin miners, as it will directly affect how many new bitcoins they can mine and introduce. Cryptocurrency experts might be paying close attention to Bitcoin halvings because past halvings have had substantial effects on Bitcoin's price and the cryptocurrency in general. The miner who produced Bitcoin Block 840,000 was paid 3 million dollars in fees, receiving 3.125 Bitcoin per block produced as per in the information available from @rajatsonifnance. Bitcoin Price Crosses USD 71,000 Mark for First Time Due to Boosted Demand From Investors: Report.

What is Bitcoin Halving?

Bitcoin Halving is a core part of the cryptocurrency's design. It's programmed into Bitcoin's code and happens after every 210,000 blocks are mined set by the creator, Satoshi Nakamoto, which takes about four years, as per a report of News18. As per multiple reports, in 2012, the first halving event occurred, resulting in a reduction of the reward from USD 50 to USD 25. On May 11, 2020, the last halving event occurred, which was followed by a 12% increase in price within the subsequent week and a significant increase of 659% over the following 12 months.

(The above story first appeared on LatestLY on Apr 20, 2024 12:24 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).