What Is Bitcoin Halving?
Bitcoin, the first cryptocurrency, is also the first Blockchain network where halving was implemented. In 2009, when it was launched by Satoshi Nakamoto, the mining reward was set at 50 BTC, and after 4 years, this reward increased to 25 BTC; It decreased to 12.5 BTC in 2016 and to 6.25 BTC in 2020. The Bitcoin halving basically happens every 4 years and halves the mining reward. In this context, the 4th event will take place in 2024 and the prize halving will be reduced to 3,125 BTC.
Looking at the software of the Bitcoin network, it is seen that the halving event will take place for the last time in 2140. Due to the fact that it is an asset with a limited supply, it is set as a Blockchain where the reward will be halved every 210,000 block production. Accordingly, when the maximum supply reaches 21 million BTC, the Bitcoin reward will end and miners will not be able to receive block rewards. In the scenario where miners do not receive a block reward, they are expected to make money only by confirming transaction fees.
