RATE Group | Bitcoin just went through a massive change known as ‘halving’
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Bitcoin just went through a massive change known as ‘halving’

12 May Bitcoin just went through a massive change known as ‘halving’

Posted at 12:49h in Bitcoin News by


There will only ever be a finite amount of Bitcoins (Photo by Chesnot/Getty Images)
There will only ever be a finite amount of Bitcoins (Photo by Chesnot/Getty Images)

The digital cryptocurrency Bitcoin has just experienced a rare event known as ‘halving’ where the value of unlocking a Bitcoin drops.

There have only been two previous ‘halving’ events in Bitcoin’s history. The event is written into the code of the digital currency and happens roughly every four years.

The next one is expected to take place in May 2024.

As well as being traded, Bitcoins can be generated (known as ‘mining’) through using computational power to solve complex mathematical puzzles. When a halving occurs, it means the rewards for mining are split.

Whereas mining a ‘block’ of Bitcoin would previously earn you 12.5 coins, now you’ll only get 6.25.

The are only a finite number of Bitcoins available and the halving is set to continue until all 210,000 blocks of Bitcoin reach zero in two decade’s time.

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