Bitcoin fork summary
A Bitcoin fork, also known as a halving, is an event that occurs automatically every 210,000 blocks counted by the Bitcoin network. During this event, the block reward received by Bitcoin miners is reduced by half, i.e. reduced by 50%.
When Bitcoin started in 2009, the block reward was 50 BTC, after the first fork in 2012, it became 25 BTC, then reduced to 12.5 BTC after the second fork in 2016, and then reduced to 6.25 BTC after the third fork in 2020.
A Bitcoin fork is considered an important event in the history of the currency, as it usually affects the balance of supply and demand for Bitcoin and can cause its value to increase due to a reduction in the new supply of Bitcoin.
