After every 210,000 blocks mined, or roughly every four years, the block reward given to Bitcoin miners for processing transactions is cut in half.
This cuts in half the rate at which new Bitcoin
Bitcoin uses a system called proof of work (PoW)
This effort includes the time and energy it takes to run the computer hardware and solve complex equations
- A Bitcoin halving event is when the reward for mining Bitcoin transactions is cut in half.
- This event also cuts in half Bitcoin’s inflation rate and the rate at which new Bitcoins enter circulation.
- Bitcoin last halved on May 11, 2020, around 3 pm EST, resulting in a block reward of 6.25 BTC.
Bitcoin will do to banks what email did to the postal industry.