The next bitcoin halvening or halving rewards for miners will take place at block 630,000, which will approximately be extracted in 12 months, Trustnodes reminds.
Without resorting to any outside help, the algorithm embedded in the code will instantly reduce the size of the reward from 12.5 BTC to 6.25 BTC, with which the annual inflation rate of cryptocurrency will fall from 4% to 2%. The miners mined today 1,800 BTC per day without considering their opinions will be reduced to 900 BTC.
Halvening 2020 will be the third in the history of Bitcoin. The first of these occurred in 2012, when the size of the awards fell from 50 BTC to 25 BTC. Some miners tried to protest and added blocks to the chain based on their own rules, where the size of the awards was not reduced, but this "fake bitcoins" was not accepted by the wider community. A year later, the cryptocurrency rate reached its historical maximum at that time above $ 1,000.
The second halvening took place in the middle of 2016 and led to a 50% reduction in the reward - to 12.5 BTC. The significance of this event was highlighted by discussing issues of scalability, and the miners, without any excesses, obeyed the new rules, continuing to carry out the task entrusted to them, contrary to some expectations.
The upcoming bitcoin halvening occupies the minds of analysts right now. While some people place significant hopes on it in the context of rising cryptocurrency prices, others expect the effect of lowering inflation, if it is, to be blurred, as information about upcoming events is available to market participants in advance, which will allow them to adjust their strategies accordingly. in a way.