AníbalSantaella on Nostr: #Bitcoin Halving Bitcoin is about to perform the fourth cut-in-half of currency ...

#Bitcoin Halving

Bitcoin is about to perform the fourth cut-in-half of currency creation rate (halving) at block height 840,000 and is expected to happen around the 20th of April, 2024.

Bitcoin’s data structure is an ordered chain of blocks where each block is linked to the previous one. 🟧🔗🟧🔗🟧

Bitcoin are minted during the creation of each block at a fixed and decreasing rate. Each block, generated on average every 10 minutes, contains completely new bitcoin, created from scratch through a transaction called a ‘coinbase transaction.’

📌What means halving?
The halving is an event where the currency creation rate is cut in half. From that block forward, miners will receive only 50% of the newly minted bitcoin they used to earn as a reward for their mining efforts, also known as the 'block subsidy.'

📌When does a halving occur?
The halving occurs every 210,000 blocks, that is, approximately every 4 years. At the beginning of Bitcoin, the block subsidy was 50 Btc per block, which is called Reward Era #1. Then at block 210,000, the first halving occurred and the currency creation rate decreased by 50% (50₿/2 = 25₿).

📌Reward Eras
Whenever a halving occurs, a new Reward Era begins. We are currently experiencing the Reward Era #4.

The first Bitcoin block occurred on 3rd January 2009, with block height 0, also known as the ‘Genesis block.’

📌Below is a series of halvings and Reward Eras:

Reward Era #1
Block subsidy 50₿
Block 0 - 209,999

Halving 1
Block 210,000
Timestamp 28-11-2012 15:24:38 (11 years ago)
Block subsidy 50₿/2 = 25₿

Reward Era #2
Block subsidy 25₿
Block 210,000 - 419,999

Halving 2
Block 420,000
Timestamp 09-07-2016 17:46:13 (8 years ago)
Block subsidy 25₿/2 = 12.50₿

Reward Era #3
Block subsidy 12.50₿
Block 420,000 - 629,999

Halving 3
Block 630,000
Timestamp 11-05-2020 20:23:43 (4 years ago)
Block subsidy 12.50₿/2 = 6.25₿

Reward Era #4
Block subsidy 6.25₿
Block 630,000 - 839,999
*present

Halving 4
Block 840,000
ETA 20-04-2024
Block subsidy 6.25₿/2 = 3.125₿
*to happen

Reward Era #5
Block subsidy 3.125₿
Block 840,000 - 1,049,999
*to come

#BitcoinHalving2024 🧡