Bitcoin Halving 2020: block reward cut to 6.25 BTC
The Bitcoin mining block reward has been reduced in half at the block 630,000 today (May, 11 19:23 UTC). The current BTC/USD price is 8,474.80.
The crypto space witnessed the most anticipated event of 2020 – the Bitcoin halving – which cut the supply of new Bitcoins issued to miners as a block reward by 50% to 6.25 BTC. Halving is the protocol in the network operation code which is necessary to maintain the total number of Bitcoins, that will not exceed 21 million. All Bitcoins will be generated approximately by the year 2140.
Bitcoin in Numbers Today
|Total number of Bitcoin supply||21,000,000 BTC|
|Total number of blocks mined||630,000|
|Time for generating 1 Bitcoin block||≈ 10 minutes|
|Halving is scheduled for every||210,000 blocks (4 years)|
|The reward for mining 1 block||6.25 BTC|
|Bitcoins in circulation||≈ USD 18,375,000|
|Bitcoin market capitalization||≈ USD $155,724,450,000.00|
|Bitcoin price||≈ USD 8,474.80|
Previously, the Bitcoin network experienced two halvings. The initial reward for mining 1 Bitcoin block was 50 BTC the time cryptocurrency was created (2008). As scheduled by the network, the very first halving event took place on 28 November 2012 and reduced mining reward to 25 BTC. On 09 July 2016, it was cut to 12.5 BTC. The current halving set the reward at 6.25 BTC per block. Both previous halvings have positively affected the price of Bitcoin, triggering rallies within one year after the events. BTC surged from $1 to $1,000 after the first event, and to the all-time high of $19,891 in 2017.
Pioneered by Bitcoin, cryptocurrencies find more interest and support around the world. According to the Google Trends data, the number of searches for “Bitcoin halving” reached its peak in 2020. The number of unique addresses holding at least one bitcoin rose to a record high of 805,805 on April 16, while the number of unique addresses holding at least 0.1 BTC also rose to a record high of 2,984,777.
CryptoCompare reported the second-strongest daily trading volume of $66.2 billion on April 30, explained by the pre-halving speculations. The crypto market sentiment analysis, or Fear & Greed Index, showed the the correction from the extreme fear towards the greed aspect.
Experts say, that the current interest in Bitcoin is driven not only by the market fear of missing out, or FOMO, but by the fact, that the network has matured itself, proving its sustainability and finding more use cases in everyday life. The current ecosystem largely in the hands of those who are interested in making use of the digital potential of BTC, rather than get rich quickly.
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