Today marks a significant event as Bitcoin experiences its fourth scheduled halving. This event, also known as the halving, occurs approximately every four years and has far-reaching implications for the Bitcoin ecosystem. As Bitcoin Magazine prepares for a halving livestream, powered by Kraken, to commemorate this event, it’s crucial to understand what the halving is and why it’s so important.
What is the Bitcoin Halving?
The Bitcoin halving refers to the process by which the reward for mining new blocks on the Bitcoin blockchain is reduced by half. This reduction occurs approximately every 210,000 blocks, or roughly every four years.
Not all bitcoin were released onto the market at the same time, but rather new coins are slowly mined by Bitcoin miners every day as a reward for mining new blocks in the blockchain. The halving is encoded into Bitcoin’s protocol to control its inflation rate and ensure that only 21 million bitcoins will ever be mined, making it a deflation
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