What is Bitcoin Halving, and when does it happen?
The word Halving is derived from the English word “Half,” meaning to halve. In the cryptocurrency market, Halving is the process of halving the extraction bonus of each block. Since an average of 6 blocks are found every hour, and the Bitcoin Hawking event occurs after every 210,000 blocks, we can say that the Halving event occurs approximately every four years.
That is why the Halving event does not occur on a specific date and its approximate time is once every four years. The Halving time measurement is calculated according to the number of blocks added to the chain and has nothing to do with time; however, this event occurs approximately once every four years as per rules set in the Bitcoin network. You may think that knowing such things is not necessary for trading and operating in the cryptocurrency market. Still, by understanding the nature and reason for what is happening in this market, you can trade or reinvest with a re-mind.
Don’t forget that taking a cryptocurrency training course can help you understand both the basics and trading and investing.
Philosophy of Bitoin Halving
Halving’s most important philosophy is the primary law governing all financial markets, supply and demand.
To better understand this issue, we may want to hear the philosophy of Bitcoin halving from Mr. Vitalik Buterin, the creator of the second-largest cryptocurrency in the market. Buterin says:
The main reason for doing this is to control inflation. One of the biggest mistakes of traditional Fiat currencies, held by central banks, is that these banks can print as much money as they want. If they print too much money, the value of government currency will rapidly decline according to the law of supply and demand.
Unlike conventional currencies, bitcoin is designed to act as a valuable commodity, like gold. The amount of gold in the world is limited, and with every gram of it extracted, it becomes more challenging to remove the remaining gold.
Because of this limited supply, gold has been able to establish itself as a medium of exchange and value storage over the past 6,000 years. We hope Bitcoin can do the same.
Halving History
At the beginning of Bitcoin work, for every block created in the network, the miner who succeeded in doing so received 50 Bitcoin units as a reward. The first bitcoin Halving event took place on November 28, 2012, in block number 210,000; after the first Halving event took place, the miners’ bonus was reduced from 50 to 25 bitcoin units for each block they added to the network.
The next Halving event took place on July 9, 2016, in the 420,000 blocks, adding another 210,000 blocks to the Bitcoin blockchain network. The event reduced the miners’ reward from 25 points to 12.5 points for connecting new blocks to the grid. The third and final Miner Rewards Half Event took place on May 11, 2020, at Block 630,000. After this event, the miners’ reward reached 6.25.
Philosophy of Bitoin Halving
The impact of Halving on the price of bitcoin
As you can see in the following picture, the Halving process has always led to a significant increase in the price of Bitcoin due to the weakening of the supply side in recent years. Of course, this issue has been stated in theory, and if we want to examine the matter more closely, we must consider all the possibilities.
Demand is not always going to rise or even stay the same as supply declines. Only a decrease in supply can lead to a rise in prices if demand remains constant or increases.
In economics, it is said that if supply falls and demand remains stable, prices must double to meet demand. But in the real world, no one can guarantee 100% that demand will increase, even though it is likely.
Consider that because the extraction bonus is halved, it is no longer profitable for miners to continue working and exit the network. Although due to the prevalence and recognition of bitcoin in the community, one can not expect much from these conditions, if this happens, it will not have a good result for bitcoin and the price of bitcoin.
The impact of the Halving event on traders’ decisions
There are active traders and investors about Bitcoin. People who have invested in bitcoin for a long time, in other words, those who are bitcoin holders, do not sell their bitcoins at any price fluctuation. But the situation is different for traders.
Most people expect bitcoin to rise after the Halving event, with many traders buying bitcoins with the same mindset before the Halving event to make a profit and exit the trade as the price rises after the Halving event.
Traders will be excluded from trading if the price of Bitcoin remains stable after Halving, and this can reduce the price of Bitcoin for at least a period. Even if the price of bitcoin rises immediately after the Halving event, traders will sell their bitcoins after making a profit, depending on the nature of their profession.
Take a look at Bitcoin Halving in recent years
Halving 2012
In 2012, with the first Halving Bitcoin event, the price of Bitcoin initially fell for six weeks, but after a while, the price of Bitcoin rose to $ 230, while at the time of Halving, the price of Bitcoin was $ 13, and It was 42 cents. Some people consider this price increase to be due to the prevailing political atmosphere in that period.
Halving 2016
In the second bitcoin howling in 2016, the price of bitcoin did not grow much after this event, but within a year, the price of bitcoin reached $ 20,000, and bitcoin was able to record a 31% growth. (Bitcoin was priced at $ 650 at the time of the second Halving)
Halving 2020
The third and last bitcoin move to date occurred on May 11, 2020. Bitcoin was no longer an unknown cryptocurrency, and many people knew the cryptocurrency. In this way, in addition to maintaining the value of their assets, they could also experience significant profits. As a result, despite the short fluctuations in a few days, the price of Bitcoin experienced substantial growth.
The impact of Halving on the price of bitcoin
Experts predict the impact of the Halving event on the price of bitcoin
Many people wish to travel to the past years to buy a lot of bitcoins, which of course, is not possible. But perhaps by examining the past, we can find a better view of the future.
Two days before Halving 2016, the CoinDesk platform published an article on this subject; a look at it is not without merit.
“Bitcoin is currently trading at $ 640, up 50 percent from the beginning of the year. Although political and economic factors played a role in this price increase, the impact of the Halving event on this price increase was more significant.
Experts have expressed differing views on the impact of Halving (especially since 2020) on bitcoin prices:
Price increase Prediction
Many experts expect the price of bitcoin to rise for various reasons. They believe that although the price of bitcoin will not increase in a short period, the price of these cryptocurrencies will be slowly and steadily rising.
These experts believe that reducing bonuses for miners may lead to a temporary price drop after the Bitcoin hawking. Still, Halving has always acted as an influential factor in starting the bitcoin price growth.
Price reduction Prediction
Some experts believe if all goes well, there may be factors that keep the price of bitcoin out of their sight. As you know, the price of bitcoin is affected by several factors, one of which is Halving.
The situation of the miners on the eve of Halving
A look at the Google Trends data revealed that users on the eve of Hawking Bitcoin, in addition to the phrase “Hawking Bitcoin,” “Buy Bitcoin,” and “Bitcoin” in recent days.
This raises the expectation of traders for Bitcoin to rise. These results can be considered as a confirmation of the acceptance of bitcoin by a more significant percentage of people. Of course, there is no definite reason for the price of Bitcoin to rise immediately after Halving.
In an interview with Mao Shixing, co-founder of F2POOL Mining Pool, Joseph Young, he said that despite the current low price of bitcoin compared to the highest price of this cryptocurrency (the price of bitcoin reached $ 20,000 in 2017), it should be He also noted that after the move of bitcoin, with the miners’ rewards halved, they may think that reducing the tips would be an unfortunate fate for them. In addition, miners will have to pay more for electricity as the bonus decreases, which is time-consuming.
Halving also puts small miners in a difficult position. These miners may usually sell their bitcoins all at once to upgrade their equipment or exit the market.
Conclusion
One of the bitcoin rules is to halve the miners’ rewards, which happens almost every four years. With this event, called Halving, the network is preventing bitcoin inflation, in other words, with a decrease in supply and an increase in demand due to the recognition of these cryptocurrencies and their actual value, regardless of price fluctuations that are very natural in financial markets.
We are increasing the price of these cryptocurrencies in the long run. By presenting this article, we tried to investigate the Halving event and its effects thoroughly. But if you want to know more about the effects of bitcoin on the world today, we suggest you also read ” meet 10 billionaires who own bitcoin “.
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