As many may already know, a new Bitcoin Halving will take place in days, the third since Bitcoin was born. Many are waiting for this moment hoping to see their digital assets grow. But what will really happen after Bitcoin’s halving? And precisely, what is a Halving?

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WHAT IS A BITCOIN HALVING?

Bitcoin is a decentralized digital currency, not controlled by any institution that regulates its issue. The creation of new Bitcoins takes place through Mining, i.e. the extraction of digital gold. By providing the computing power of their servers, miners allow all the Bitcoin infrastructure to work and confirm transactions. When a miner manages to mine a single block he is rewarded with a prize in Bitcoin. The prize, which is currently 12.50 BTC, starting from block 630.000, will be halved to 6.25. So Bitcoin halving is nothing more than halving the prize awarded to miners.

WHAT WILL HAPPEN AFTER HALVING?

You’re not a miner, so why should you care about halving? The maximum number of extractable Bitcoins is 21,000,000 and by reaching the block 630,000 over 18 million BTC will have already been extracted. The halving of the compensation to miners will therefore reduce the speed of extraction of new Bitcoins and therefore also of the offer. This, with the same demand for Bitcoin, could have positive effects on the price of Bitcoin which could have strong increases.

This is what all Bitcoin holders hope for the future and it is exactly what happened in the past. As we said, this is the third halving of Bitcoin, which occurs every 210,000 blocks. The first halving occurred on November 28, 2012, halving the miners’ reward from 50 Btc to 25 Btc. The second halving occurred on July 9, 2016, with a halving from 25 Btc to 12.5 Btc. Now the third is coming. What we have seen in the past is a sharp rise in the price, to then have a slowdown and consequent decrease. Many hope for a new 2017, a year of glory for Bitcoin, which has touched $ 20,000 in value.

However, this third halving arrives in a very uncertain historical phase, in which even the world of cryptocurrencies can be subject to severe stress due to the global health emergency due to Covid-19. The world is heading towards a phase of recession that could touch ad mitigate halving effect. Many, however, still have same enthusiasm and look forward to the production of the 630,000 block. If the expectations are met it could be a good time to buy Bitcoin.

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