Bitcoin halving the deduction to half

Bitcoin halving the deduction to half

Halving occurs approximately: 20. Apr 2024 v 00:51:27 UTC
Halving occurs approx.: 20. Apr 2024 v 00:51:28 UTC
web picture bitcoin halving

What is halving?

What is halving?

When each block in the Bitcoin blockchain is mined, miners (the people who help create new blocks) are rewarded with a certain number of bitcoins (approximately every 10 minutes). When Bitcoin started, miners were rewarded 50 bitcoins for each block mined.

After 210,000 blocks have been mined, this reward is halved and will continue to decrease until the reward for each block reaches zero (approximately 2140). Currently, the reward is 6.25 bitcoins per block and will decrease to 3.125 bitcoins per block after halving.

Why did this happen?

Why did this happen?

Traditional fiat currencies allow governments and banks to print money and cause inflation. Bitcoin, on the other hand, has a fixed total supply that never exceeds 21,000,000 BTC. Printing new money causes inflation, but in the case of Bitcoin, if no more currency is produced, the value of Bitcoin should rise due to increasing demand and limited supply (no more BTC can be printed).

Bitcoin thus resembles gold, which also has a limited supply and cannot be printed or artificially created.

Inflation rate (%) and stock-to-capacity ratio (SFR.)

Inflation rate (%) and stock-to-capacity ratio (SFR.)

Bitcoin: The inflation rate (%) and the Stock-to-Capital Ratio (SF Ratio) are important factors that affect the value of bitcoin. The Inflation Rate shows how fast the number of new bitcoins in circulation is increasing, while the SF Ratio shows how long it would take for the current bitcoin supply to double.

Bitcoin is a new technology and the relationship between its price and economic indicators is not clear. Bitcoin prices are influenced by many factors and can change significantly in the short and long term.

Factors such as cryptocurrency adoption, regulation, technological innovation and global economic events are key to the bitcoin community for planning and predicting the future price and development of bitcoin.

Mechanism for calculating our timer

Mechanism for calculating our timer

The calculation of our time to halving is unique and theoretically the most accurate. The basis of the calculation based on the remaining blocks and the average time to block is most likely the same as all the countdown sites have according to this mechanism:

However, what is unique to us is the „$minutes_average“ calculation. This is the average time to block. Most other sites use the commonly known time to block, which is 10 minutes. Some sites take a more accurate average block time from the Blockchain API.

Our deduction is more accurate because our calculation code takes the average block time from the blockchain as well (but this time is a jump time), so our code puts the weight of the number of minutes from the API into the calculation at 30% and takes the 10 minute time into account at 70%. This causes the resulting average block time to be gradual and not jumpy and thus more accurate.

Who has control over Bitcoin issuance?

Who has control over Bitcoin issuance?

The Bitcoin network governs itself through consensus among all participants. Since Bitcoin was first proposed, the following rules have been in place:

  • The total number of Bitcoins created stops at 21 million.
    The goal is to maintain a 10-minute interval between blocks.
  • Every 210,000 blocks there is a halving event, which usually happens every 4 years.
  • The reward for a new block is halved at each halving event, starting at 50 BTC. The reward is assumed to reach zero in 2140.

How many Bitcoin halves have taken place?

How many Bitcoin halves have taken place?

During the first halving in 2012, the price of bitcoin was around $12.31. During the second halving in 2016, the price increased significantly, reaching $650.63. During the third halving, which occurred in 2020, there was a significant increase in the price of Bitcoin, which climbed to a value of around $8,500.

  • The first split occurred on 28.11.2012 in block 210 000
  • The second split occurred on July 9, 2016 in the 420 000 block
  • The third halving event occurred on May 11, 2020 in the 630 000 block

Detailed statistics

Detailed statistics
Total number of Blocks :
831349
Remaining Blocks until halving :
8651
Average Block time :
9.8 minutes
Average Blocks generated per day :
147
Block reward :
6.25 BTC
Bitcoins mined per day :
919 BTC
Total Bitcoins to be mined :
1366575 BTC
Mining Difficulty :
81,725,299,822,043
Total Hashrate :
585.01 Exahashes/s
Market Capitalization in USD :
$ 1,023,593,984,356.00
Bitcoin Price in EUR :
48,095 €
Bitcoin Price in USD :
$ 52,021

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Copyright © 2023-2024 HalvingBitcoin.eu All rights reserved KryptoGuru.cz
Website created by Michal S.: formbux@gmail.com  I  Notice  I  GDPR  I  Contact