What is the bitcoin halving that is because of happen this weekend? | EUROtoday

Get real time updates directly on you device, subscribe now.

Dthem occasions slower. With the ” halving” which is due to happen this weekend, bitcoins will appear twice as slowly. This phenomenon occurs every four years.

This duration is not arbitrary. It corresponds to the time necessary for “ miner » 210,000 data blocks online. Bitcoin is in fact a reward given in exchange for the resolution of complex calculations, which Internet users carry out using powerful computers. These calculations are grouped into blocks of data, which deliver bitcoins once someone has completed them. On average, a block is “ mined” every ten minutes.

READ ALSO The entry of bitcoin onto Wall Street, a consecrationHowever, the “ halving” halves the amount of bitcoins earned per data block. When the cryptocurrency was created in 2009, a block gave 50 bitcoins to the person who “ was undermining.” Since then, three halvings” have taken place and the quantity today is 6.25 bitcoins per block.

One bitcoin was worth $73,000 in March 2024

With this new “halving”, a block will now only generate 3,125 bitcoins. The date of the phenomenon, which is automatic because it is integrated into the game code, is impossible to predict precisely due to the variability of the time spent “mining” a block. The various specialized sites, however, agree in estimating that the reduction in rewards will take place on the night of Friday April 19 to Saturday April 20.

READ ALSO “You should not believe in the martingale”: must you put money into bitcoin? So far, each “ halving” has been accompanied by a surge within the worth of bitcoin, as a result of it’s merely changing into tougher to acquire. In March 2024, bitcoin broke its all-time excessive, buying and selling at over $73,000 per unit. More than 19 million bitcoins have already been generated in fifteen years, whereas their complete amount is restricted to 21 million. At the speed of halvings occurring each 4 years, the final block ought to be mined in 2140.

In addition to the style impact that has accompanied the rise of cryptocurrencies lately, the curiosity in bitcoin lies within the expertise used to generate it. Called “ blockchain” (block chain), it’s appreciated for its excessive safety, reputed to be inviolable.