There are 25 days left until the fourth BTC halving!

What does Bitcoin halving mean in 2024? The Bitcoin halving, a rule set by Satoshi Nakamoto (the creator of Bitcoin), is an important event in the Bitcoin protocol and may have an impact on Bitcoin’s supply, mining economic incentives, and price. periodic table of halving

Bitcoin’s basic structure

The Bitcoin chain is basically just a real-time record of all Bitcoin transactions sent from one node to another. These are placed one by one in the "index". Once a certain number of transactions is reached, a "block" is formed. Each block can store a maximum amount of data. Then create another new block. This creates a "chain" of multiple "blocks." Simply put, they are groups of transactions that are linked together. Computers around the world are then linked together to verify these transactions.

Bitcoin Mining

Bitcoin mining is the process of verifying transactions in these blocks on a computer. The computers (connected to the network) that implement this process are called "miners". Miners are rewarded with Bitcoins every time a transaction verifies a new block. The rewards are as follows ❯ Newly minted Bitcoins ❯ Transaction fees The total number of BTC is 21 million. The number of BTC in circulation is currently about 19.3 million. It is expected that the last Bitcoin will be mined in 2140.

Why does Bitcoin halve? What impact will it have on the price?

Satoshi Nakamoto never explicitly stated why the halving occurs. However, the halving will reduce the production of new Bitcoins, which in turn increases the scarcity of Bitcoin. Scarcity is often a major driver of price increases. In addition, the Bitcoin halving will also affect the economic incentives for mining, leading to an increase in mining costs. This change in supply and demand will often affect the price of Bitcoin.

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