Just over 17 months prior to the record value being hit the. On 18 december 2017 after nearly two years of sustained gains the price of bitcoin reached an all time high of 20 000. Over and done with the bitcoin halving event still gives continuous copy fodder for those who still want to reflect on what could have been the number of bitcoins btc entering circulation every 10 minutes known as block rewards has dropped by half to 6 25 from 12 5.
Bitcoin halvings are scheduled to occur once every 210 000 blocks roughly every four years until the maximum supply of 21 million bitcoins has been generated by the network. A bitcoin halving sometimes halvening is an event where the reward for mining new blocks is halved meaning miners receive 50 fewer bitcoins for verifying transactions. After starting last week at under 9 000 per bitcoin the bitcoin price rallied hard to over.
Bitcoin has already seen an uptick in volatility in the run up to the halving over the last week. The next one is expected to. The event is written into the code of the digital currency and happens roughly every four years.
There have only been two previous halving events in bitcoin s history. Many commentators expect bitcoin s price to be volatile over the next few months as the network adjusts to the change in block reward. Bitcoin halving 2020 the most recent bitcoin halving occurred on 11 may 2020 causing the block reward to fall from 12 5 to 6 25 bitcoins.
The number of btc produced each day fell from 1800 to 900. As of approximately 3 21 p m est the bitcoin mining reward was cut in half falling from 12 5 btc for every block of transaction data that was added to the network to 6 25 btc. After weeks months or perhaps even years of anticipation the bitcoin halving is over.
