BITCOIN HALVING

Bitcoin halving” refers to a condition in the Bitcoin protocol where the block reward given to Bitcoin miners for processing transactions is cut in half. This event occurs every time 210,000 blocks are mined, which is roughly every four years. The purpose of halving is to decrease the number of new coins entering the network and act as an incentive for miners to participate in securing the blockchain. The next halving is expected to occur in April 2024, when the block reward will fall to 3.125 Bitcoins. This rewards system will continue until around 2140, when the proposed limit of 21 million Bitcoins is reached, after which miners will be rewarded with fees for processing transactions. The halving event has major implications for the Bitcoin network, including potential consolidation of miners as individual miners and small outfits may drop out of the mining ecosystem.