Bitcoin Halving
Bitcoin is
often known as a digital coin and valued as a scarce resource just as gold. It
is also termed as a digital gold in order to get control over inflation. But,
irrespective of gold, bitcoin is a virtual currency that can be sent across the
world simply as an email or a message from your mobile.
Gold can be
mined that can fit into the box ie., 65 feet wide. There is no one to estimate
how much gold is there inside the earth. Whereas bitcoins are not like that
there are only 21 million bitcoins to be mined, as of now there are only 3
million left to be mined.
What is Bitcoin Halving?
Bitcoins are
mined electronically by a network of computers competing with all its bitcoin
transactions. The reward for participating in this mining is bitcoin, minors
can receive virtual block reward. The process of making the block reward into
50% from their actual is called Bitcoin Halving. Once in every four years halving takes place ie., for every
120,000 blocks halving takes place.
Bitcoin
Halving takes place once in four years till it reaches 21 million blocks. It is
estimated to be prolonged till 2140. There are only 32 halvings in total and
just completed with 3 havlings ie., it takes more than 120 years to complete.
Bitcoin Price History
Bitcoin
value is unestimated. Its growth is unpredictable. After the three halvings
there are 6.25 block rewards. Just after the first halving in the year 2012 the
price was increased from 11$ to 1100$. After the second halving in the year
2016 the price was increased from 500$ to 800$. In the year 2017 the price
breaked its records it was 20,000$.
The third
halving was just completed and the price is 9500$, it is estimated to grow in
recent times.
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