after: There was no significant effect on the price. In theory, when the supply of new Bitcoin is less than the demand for it, the price should rise. At the same time, a halving event generally means that many miners with older setups might not make substantial profits anymore. According to the code behind bitcoins operation, the reward of mining a block successfully gets cut in half after every 210000 blocks are mined. Offline, activity: 1067, merit: 581 newIndia, legendary. Halving events until now: 28th November 2012 (First Bitcoin halving). To make things somewhat competitive, the code of bitcoin was written in a way so as to make miners compete with each other for the reward. In order to do this, miners have to contribute their computing power so as to solve a challenge requiring high processing power.
Bitcoin, block Reward, halving, countdown
Influence on the market : This was the second halving Bitcoin event. More recently, the Litecoin, a Bitcoin clone, passed its first halving on August 25th, 2015. One of the reasons why bitcoins are highly valuable is the limited supply of bitcoins which is 21 Million. Since the time that, bitcoin has been on the market, it has been following a code that was written many years back- almost a decade ago. With an increase in the competition, miners tend to make use of greater processing power hence ruling out the likelihood of anyone making a profit simply through the use of a regular computer. However, history doesnt always paint a complete picture when it comes to the Bitcoin markets. According to Lingham, a halving event would shut off approximately 25 of the mining rigs. This reward is always split into two equal halves. BTC prices rallied to an all-time high of 19,500 in mid-December 2017.