Bitcoin, the first cryptocurrency, recently experienced its third halving event. This event occurred 20 after the mining of its 840,000th block. The protocol for Bitcoin is designed to undergo halving every 210,000 blocks, resulting in a halving of the block reward each time. This mechanism is an essential part of Bitcoin’s monetary policy, designed to gradually reduce the supply of new coins and control inflation.
The halving events are significant milestones for the Bitcoin network, as they impact the economics and incentives for miners and investors. Moving forward, this reduction in block rewards is expected to continue shaping the dynamics of the Bitcoin ecosystem.
