One of the most anticipated events in the cryptocurrency industry is the Bitcoin halving.
A Bitcoin halving (also called the Bitcoin halvening) is an event where the block reward is halved. When a halving occurs, miners only receive half of what they used to get as block rewards – however, there is no impact on transaction fees.
The first #Bitcoin halving took place on November 28th, 2012. According to the Blockchain protocol, the block reward was reduced from 50 BTC to 25 BTC. The second occurred on July 9th, 2016, seeing block reward reduced to 12.5 BTC. The next halving event, which is expected to take place in May 2020, will bring the reward down to 6.25 BTC.
A halving event occurs approximately every four years, but the Bitcoin protocol does not set specific dates on when it takes place. Instead, it goes by block height – a halving occurs with every 210,000 blocks.
There have been two Bitcoin halving events since the genesis block was generated in 2009, accompanied by record-high Bitcoin prices.
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