đ *4 years ago today, on May 11, 2020, the third Bitcoin halving took place.*
*The price of Bitcoin then was...$8,700.*
*What is Halving Bitcoin?*
Every four years, on halving day, the quantity of new bitcoins created is halved. This means that the reward given to contributors who secure the network is reduced by 50%, directly impacting the rate at which new bitcoins are released into circulation. This event is called âHalvingâ.
At the start of 2020, 12.5 new bitcoins were added to the network every 10 minutes through virtual âminingâ. In May 2020, during the latest Halving, this quantity was halved to 6.25. In April 2024, it will decrease again to around 3,125, and the process will continue until all 21 million coins have been mined (which is estimated to happen around the year 2140).
