3. The Bitcoin Halving Has Taken Place, So What Happens Now?

The third of the bitcoin halving, which occurs every four years, took place on May 12 . With the halving, the block reward, which circulates every 10 minutes, decreased from 12.5 to 6.25 bitcoins. Therefore, it will be 900 bitcoins instead of the pre-halving daily production amount of 1800 bitcoins. Overall, reduced supply makes circulating bitcoins, which are limited, more in demand.

The Bitcoin halving mechanism was originally planned and integrated into the protocol by Satoshi Nakamoto to create supply limitations. Supply limitation sharply reduces the inflation rate of bitcoin in circulation.

Bitcoin Popularity

According to Google Trends data, an intense increase was observed in the research of bitcoin topic before the halving. It was noted that 7 of the 10 most researched countries were from the European region. The most surprising country among the trending countries was Nigeria, Africa’s largest economy. 

Although a decline in price was observed before the halving, periodic rises were seen after past halving processes, but it is not possible to draw a definite scenario that is known. 

What Will Be the Final Status of Bitcoin Miners?

Mining refers to the introduction of new bitcoins into circulation as a reward for contributing to the network by miners with computing resources. If the number of miners present on the network increases or decreases, it regulates the difficulty of mining a bitcoin in 2 weeks, or the equivalent of 2,016 blocks, if we accept the block creation time on the network as exactly 10 minutes. According to the arrangement , it decreases or increases the hash rate. After the halving, the hash rate drops as some miners stop mining, which can lead to delays in transactions as the difficulty will remain the same until the system update. 3. The hash difficulty record was also broken as miners worked as hard as they could to earn more before the halving. Given the current situation, if the costly miners withdraw from the system, the mechanism will reduce the hash rate. Therefore, since mining will be easier, the power consumption of the devices will decrease and the transaction volume will increase. Again, blocks are formed in 10 minutes, but bitcoin mining is less costly.

What is Filecoin? What is FIL Used For?
In the digital age, our data has become more important than ever, and the need to store this data securely has become a great need. However, traditional cloud storage solutions may not always be the most reliable option. This is where Filecoin, which operates with a decentralized structure, comes into play. The answer to the question “What is Filecoin?” offers a revolutionary technology...
What is Meme Coin? What Purpose Did It Originate For?
In recent years, meme coins have attracted significant attention in the cryptocurrency world, holding a different position from traditional cryptocurrencies. Rapidly gaining popularity with the power of social media, these types of cryptocurrencies, although initially created as jokes, can turn into serious investment opportunities. So, what is meme coin and why does it attract so much attention? Get...
What is Render Coin? What is RNDR Used For?
Rendering means processing the drawings made in the computer environment. In order to perform the rendering process, the graphics processing unit, or GPU is needed. Performing this rendering process individually can be costly and time-consuming for many people. This is where the Render project comes into play, offering solutions to make the process easier for everyone. In this article where we will...
What is Beam Coin? What is it used for?
We encounter new innovations in the digital gaming world every day. However, some projects manage to stand out from the rest. For those wondering what Beam Coin is, this project brings blockchain technology together with games. We will take a closer look at how this project, which makes the work of game developers much easier and aims to maximize the experience of the players, succeeded. Why is Beam...
What is Dusk Coin? What is Dusk Network Used For?
Consider a project that brings together traditional finance and real-world assets with blockchain: Dusk Coin. It combines privacy, security, and scalability on the same platform while offering next-generation financial solutions for both individuals and institutions. So, what is Dusk Coin and what is behind the curiosity? You can find details about this innovative project that touches the financial...


Create an account

Now create an account where you can use your knowledge.