in recent weeks and enthusiasts feel it is poised to grow even further with an upcoming “halving,” a key event written into the foundations of the cryptocurrency to limit supply that has historically coincided with elevated prices and boosted attention to the crypto sector.Bitcoin is built on a decentralized computer network, or distributed public ledger, that records the details of every transaction related to the cryptocurrency in discrete “blocks” of information connected in a chain.
New blocks are added to this blockchain in a process called mining, which involves solving complex math problems and rewards new bitcoin to miners who undertake the computationally-demanding and energy-intensive process. The bitcoin reward minted every time a new block is added to the network decreases over time—an intentional feature designed to limit supply by slowing down the rate of production—halving every time 210,000 blocks are added to the network.
Three bitcoin halvings have happened in the past, in 2012, 2016 and 2020, iteratively cutting the reward for mining a block from 50 bitcoin to 25, 12.5 and 6.25 bitcoin. While there is no specific date hardwired into the system, the next halving event is expected to happen at some point in April 2024, when the reward for mining each block will be reduced to 3.125 bitcoin.Bitcoin halving only affects the rate at which new bitcoin is minted and does not change the amount or value of the existing tokens in circulation.
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