Bitcoin Halving

By Kromatika | Kromatika Education | 5 Apr 2022

The amount of Bitcoins granted to miners is halved every four years until all 21 million Bitcoins have been virtually mined. This halving process contributes to Bitcoin's scarcity and resistance to inflation. Halving makes it more likely that the value of Bitcoin will increase over time by issuing fewer Bitcoins each time, assuming a constant level of demand. In comparison, fiat currencies often lose value over time due to inflation. Although Bitcoin is a digital currency, it cannot be generated indefinitely. The value proposition is based on verifiable scarcity. Two principles related to limitation are fundamental to Bitcoin technology.

First, there will never be more than 21 million Bitcoins, and only about ~2.1 million Bitcoins remain to be digitally mined. Second, every four years, the number of new bitcoins added to the network will be cut in half. Halving is the name of this second concept. The halving is one of the mechanisms by which the Bitcoin protocol maintains scarcity as it is one of the main reasons why people want to buy Bitcoins.

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