What is Bitcoin halving? "Block" is 1 MB of Bitcoin on the Bitcoin blockchain BTC tickers down 1 $BTC 70000 It is a file containing transaction records. “Miners” race to add the next block by solving a complex mathematical problem using special hardware, generating a random 64-character output known as a “hash,” completing the transaction and locking the block so it cannot be changed. Miners who complete blocks receive Bitcoin in return. So, how does the Bitcoin halving cycle work? When the cryptocurrency was first established, miners paid 50 BTC per block. Early users could be persuaded to mine the network in this way even before it became clear how successful it would be. The rate at which new Bitcoin is created decreases by half for every 210,000 blocks mined, or roughly every four years until all 21 million Bitcoins are mined. According to Bitcoin halving history, the last three halvings took place in 2012, 2016 and 2020. The first Bitcoin halving took place in 2012. The reward given with this halving was reduced from 50 BTC to 25 BTC.$BTC .