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When Is The 2020 Bitcoin Halving and What Is It?

Written By Ivan on Tech

May 05, 2020

Anyone keeping an eye on the cryptocurrency market will know that something big is about to happen. Specifically, Bitcoin is gearing up for its next Bitcoin halving event. This is something experts predict could set off a cryptocurrency rally - and will forever change the supply of Bitcoin.

What is the Bitcoin halving?

The Bitcoin halving, or more accurately the “Bitcoin block reward halving” cuts the mining reward for miners in half. As anyone familiar with Bitcoin and the blockchain will know, cryptocurrencies differ from fiat currencies. Particularly, there is no central authority that can “print” more Bitcoin.

Instead, miners “unlock” new Bitcoin through mining them, or by producing new blocks. There is a total Bitcoin supply of 21,000,000, which miners continually unlock. At the time of writing, a bit more than 18,360,000 Bitcoin are currently in circulation. However, Bitcoin halving events continually reduce the Bitcoin mining reward. ...

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