Every four years there is an event that conditions the entire Bitcoin ecosystem. It is a crucial moment for miners, as the number of bitcoins mined is reduced by half. It is known as the 'Bitcoin halving' and is an event intrinsic to the cryptocurrency itself that has already occurred in 2012, 2016 and 2020. The next one will be in 2024. And there is a lot of uncertainty about what will happen from that moment on.
It is pure speculation, but the confidence is that the 'halving' will help boost the price of the cryptocurrency. Before the 2012 halving, the all-time high had been $30. Four months later, it had already exceeded $270.
Something similar happened in 2016, when it grew by 290%. And even more so in 2020, when Bitcoin soared 560%. This increase that has been repeated to date is the hope of the miners so that their activity continues to compensate.
They are still necessary for the long term. One of the greatest strengths of Bitcoin is that it follows the project set from the beginning. In 2028 there will be another 'halving', where miners will get 1.56 BTC per block. And so on progressively. The ultimate goal is, by 2140, to reach the total of 21 million Bitcoin. Once you reach that point, you can no longer mine them.
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It is pure speculation, but the confidence is that the 'halving' will help boost the price of the cryptocurrency. Before the 2012 halving, the all-time high had been $30. Four months later, it had already exceeded $270.
Something similar happened in 2016, when it grew by 290%. And even more so in 2020, when Bitcoin soared 560%. This increase that has been repeated to date is the hope of the miners so that their activity continues to compensate.
They are still necessary for the long term. One of the greatest strengths of Bitcoin is that it follows the project set from the beginning. In 2028 there will be another 'halving', where miners will get 1.56 BTC per block. And so on progressively. The ultimate goal is, by 2140, to reach the total of 21 million Bitcoin. Once you reach that point, you can no longer mine them.
FOLLOW ME FOR MORE CONTENT.