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Author Topic: What is Bitcoin Halving.  (Read 375 times)
ScamViruS
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January 20, 2020, 11:21:44 AM
Last edit: January 20, 2020, 11:45:08 AM by ScamViruS
 #1

Hello bitcoin lovers, I think everyone know what is Bitcoin Halving, but many newbies may not know what Bitcoin halving really is. If you are involved with crypto currency then you need to know about Bitcoin halving. So I want to write it briefly here.

Bitcoin halving place at every 210,000 blocks. As a result, the Bitcoin mining block reward is split in half. Now the reward for each block is 12.5 Bitcoin and after halving it will be 6.25 Bitcoin. It takes four years to get to the 210,000 block. This process will continue until the remaining bitcoin is mined. As long as there is a divide of the Bitcoin mining reward, it will take double time to mine the rest of Bitcoin.One way will be bitcoin halving every four years. When Bitcoin was created, the block reward was 50 BTC per block.

First bitcoin halving: When the first bitcoin halving was happen in 2012, each block was rewarded with 25 BTC.  

Second bitcoin halving: Then after bitcoin halving for the second time in 2016, each block was rewarded at 12.5 BTC.

Third bitcoin halving: Bitcoin halving is going to happen third time in 2020. This time each block will be rewarded at 6.25 BTC.

Next Bitcoin halving is not much longer. Countdown to the next bitcoin halving I have added. Which will give everyone an opportunity to know how much time is left for next bitcoin halving. I follow Binance's Bitcoin Halving timer.


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January 20, 2020, 03:10:35 PM
Merited by ScamViruS (1)
 #2

Another interesting article which briefly describes the upcoming Bitcoin Halving: https://cointelegraph.com/explained/bitcoin-halving-explained

Worth reading in my opinion, especially for newcomers.

Toss a coin to your witcher!
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January 20, 2020, 05:26:30 PM
 #3

I'm curious about the side effect of this halving which is negative in my opinion.

Do you know the solution or the answer to my old question here?
What about the vulnerability of bitcoin? This halving event will force small or even medium miners to stop operating which means bitcoin will become more vulnerable.

It can be overcome if an increase in the price of bitcoin is enough to make miners continue to profit. But what if it's not happening?
I didn't get any proper answer (in my opinion) from that previous thread.



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January 20, 2020, 09:19:34 PM
 #4

I'm curious about the side effect of this halving which is negative in my opinion.

Do you know the solution or the answer to my old question here?
What about the vulnerability of bitcoin? This halving event will force small or even medium miners to stop operating which means bitcoin will become more vulnerable.

It can be overcome if an increase in the price of bitcoin is enough to make miners continue to profit. But what if it's not happening?
I didn't get any proper answer (in my opinion) from that previous thread.

"Is it still profitable to mine bitcoin??" is a question every mining farm asks themselves every single day.
Hope this will answer your question: https://www.youtube.com/watch?v=LNSlIiKyZJM  (A Antonopoulos)
 
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January 20, 2020, 09:42:49 PM
Merited by pooya87 (1), nc50lc (1)
 #5

What about the vulnerability of bitcoin? This halving event will force small or even medium miners to stop operating which means bitcoin will become more vulnerable.
Vulnerable to what, exactly?

Bitcoin wasn't vulnerable last year when the price fell to $3,000. At a 12.5 BTC block reward and $3,000 per BTC, the reward for miners was $37,500 per block. If the block reward was to fall to 6.25 BTC per block right now with the price at $8,500, miners would still be bringing in $53,125 per block, an increase of over 70%.

Furthermore, who says that smaller miners will be priced out? Larger miners have a larger sunk investment, and larger operating costs than smaller miners. They are just as susceptible, if not more so, to price changes, especially when we consider the data suggest that the majority of bitcoin mining takes place on low-cost, renewable electricity sources.

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January 20, 2020, 10:18:29 PM
 #6

I'm curious about the side effect of this halving which is negative in my opinion.

Do you know the solution or the answer to my old question here?
What about the vulnerability of bitcoin? This halving event will force small or even medium miners to stop operating which means bitcoin will become more vulnerable.

It can be overcome if an increase in the price of bitcoin is enough to make miners continue to profit. But what if it's not happening?
I didn't get any proper answer (in my opinion) from that previous thread.

Halving isn't something negative to bitcoin, it was necessary if you want a limited amount of coins. Other coins like doge and clam don't have halving and that means an unlimited supply.

If the block reward goes down, that means miners don't earn the same amount unless the bitcoin price goes up. That's why some people things halving always come with a price bump.

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January 20, 2020, 11:29:01 PM
Merited by aundroid (1), ScamViruS (1)
 #7

It takes four years to get to the 210,000 block. This process will continue until the remaining bitcoin is mined. As long as there is a divide of the Bitcoin mining reward, it will take double time to mine the rest of Bitcoin. One way will be bitcoin halving every four years.
Halving is approximately every 4 years and the timeframe is not set in stone. To say it more precisely (like you've stated it) Halving is every 210,000 Blocks and the time required to mine each block is around 10 minutes. This time is adjusted every 2016 blocks depending on how fast the previous 2016 blocks were mined:
- if the previous 2016 blocks were mined less than 10 minutes each block, the mining difficulty will be increased.
- if the previous 2016 blocks were mined more than 10 minutes each block, the mining difficulty will be decreased.

This adjustment is done to keep the blocktime of around 10 minutes per block.


What about the vulnerability of bitcoin? This halving event will force small or even medium miners to stop operating which means bitcoin will become more vulnerable.
If you mean vulnerability for an 51% attack you can check this tool: https://gobitcoin.io/tools/cost-51-attack/
I don't claim this tool is 100% accurate but you can get an impression that attacking Bitcoin sucessfully is far away from being realistic.  Wink

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January 21, 2020, 01:55:42 AM
 #8

I want to share this amazing website for tracking or timer of every upcoming Bitcoin Block Reward Halving:
https://www.bitcoinblockhalf.com/
The website has a countdown, like how many days, hours, minutes and seconds left before the Bitcoin block reward halving.
There is a lot of information there, like total bitcoins in circulation, percentage of total Bitcoins mined, difficulty, hash rate, total bitcoin blocks, or how many Bitcoins generated per day, etc.

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January 21, 2020, 02:09:38 AM
 #9

What about the vulnerability of bitcoin? This halving event will force small or even medium miners to stop operating which means bitcoin will become more vulnerable.

Great question!


Vulnerable to what, exactly?

Halving isn't something negative to bitcoin, it was necessary if you want a limited amount of coins. Other coins like doge and clam don't have halving and that means an unlimited supply.

Necessary and negative are two different things. Halving DOES make bitcoin vulnerable because it consolidates the pool of miners controlling, operating the blockchain.

To fast forward that line of thinking, what will happen to fees when we've mined all ~21M coins? How will fees be controlled? Supply and demand will likely take their toll on fees until things settle down...there will be wild swings...there will be drastically different fees offered by different companies...it'll be a bit "lawless" for a while.

That's negative and vulnerability that is inevitable and will need to be dealt with. But with every other issue - the first halving, forks, government intervention/restriction threats, corrupt exchanges, the list goes on - rather successfully so far, and I think we'll be able to manage through the big challenges that lie ahead.

 
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January 21, 2020, 04:30:51 AM
 #10

Sometimes, you will see halvening, instead of halving. Halving and halvening are used overlapping in crypto. The correct word is halving but if you see halvening, you have to interpret it as halving.

It is a typo but over time it has become popular word to use for bitcoin block halving. I don't feel surprised about it because forum users also call theymos as thermos.

https://www.reddit.com/r/Bitcoin/comments/4rzveo/bitcoin_halvening_causes_riots_mayhem_around_the/

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January 21, 2020, 06:07:20 AM
 #11

Halving DOES make bitcoin vulnerable because it consolidates the pool of miners controlling, operating the blockchain.
I'd be interested to know if anyone has any data which prove this? It's not a foregone conclusion, and I suspect not the whole story for the reasons in my post above.

Supply and demand will likely take their toll on fees until things settle down...there will be wild swings...there will be drastically different fees offered by different companies...it'll be a bit "lawless" for a while.
I really don't think it will be. If suddenly all 21 million bitcoin were mined tomorrow, then sure, it's going to be pretty chaotic. However, we have over 100 years and another 30 halvings to go through first. There will be a long and gradual adjustment for miners where percentage of income from fees is increasing and percentage of income from block reward is decreasing. I'm also not sure what you mean by different fees from different companies? Different transaction fees? Miners don't "offer" fees, users pick them, and miners simply prioritize the transactions with the higher fees.

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January 21, 2020, 12:03:35 PM
 #12

... the mining difficulty will be increased.

Probably worth noting that a higher difficulty means a lower target (more leading zeros).
The lower the target size gets, the fewer the number of solutions and the more difficult the puzzle becomes.

If we now take a look at the last block mined: https://www.blockchain.com/btc/block/00000000000000000000e991769d083071736f6038d5de9cb9fd55f21eb08421

the current target has 20 zeros.

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January 21, 2020, 09:45:17 PM
 #13

Halving DOES make bitcoin vulnerable because it consolidates the pool of miners controlling, operating the blockchain.
I'd be interested to know if anyone has any data which prove this? It's not a foregone conclusion, and I suspect not the whole story for the reasons in my post above.
A 51% is just theoretical
Even IF that will be achieved it costs too much for it to be worthwhile, as 1miau said.
So some guys control 51%... just for the sake of it lets say 60%.
After spending all that money on electricity, asics etc they will get to "control" the next few blocks. They can do a double spent or two... but not much more. When the other part of the network will realise what is going on they will adjust. Businesses and exchanges will need 20 confirmations instead of 6 and voila.. you fuck the system, the system fucks you back. There isn't anyting to be worried about tbh.
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January 21, 2020, 09:58:26 PM
 #14

Halving DOES make bitcoin vulnerable because it consolidates the pool of miners controlling, operating the blockchain.
I'd be interested to know if anyone has any data which prove this? It's not a foregone conclusion, and I suspect not the whole story for the reasons in my post above.
...

Halving means some miners will stop working, but that doesn't mean that will consolidate pools. If miners see one pool is getting close to the 50% of the hash power they will move to another mining pool.

Remember, the pool doesn't have the power, are the users who have the hardware who decides where to mine.

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January 21, 2020, 10:41:07 PM
 #15

What about the vulnerability of bitcoin? This halving event will force small or even medium miners to stop operating which means bitcoin will become more vulnerable.
Vulnerable to what, exactly?

mainly slower block times and transaction congestion, which just a few years ago seemed like an urgent concern. Smiley

it's funny to think that in the lead up to the 2016 halving, luke dash jr was readying an emergency hard fork in case hash rate dropped enough: https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2016-March/012489.html

and adam back was also theorizing about soft forks that could mitigate such a post-halving hash rate drop: https://twitter.com/adam3us/status/717023841529114625

now that the market has 2 halvings under its belt, such worrying seems so silly. Cheesy

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January 22, 2020, 12:47:02 AM
Last edit: January 22, 2020, 04:17:29 AM by nannu968
 #16

Miners are solving a block of Bitcoin transactions within 10 minutes for this they are rewarded by new Bitcoin (Block Reward) which are generated in every 10  minutes.
From July 6, 2016 till now the Block Reward is 12.5 BTC for every new block.

Halving means The Block Reward will be reduced by half. Current Block Reward is 12.5 BTC for every new block next Halving will reduce that rate in half that means after next Halving Block Reward will be 6.25 BTC for every new block.

The Next Bitcoin Halving will take place in this year 2020.

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January 22, 2020, 03:43:00 AM
 #17

Minors are solving a block of Bitcoin transections within 10 minutes for this they are rewarded by new Bitcoin (Block Reward) which are generated in every 10  minutes.
From July 6, 2016 till now the Block Reward is 12.5 BTC for every new block.

Halving means The Block Reward will be reduced by half. Current Block Reward is 12.5 BTC for every new block next Halving will reduce that rate in half that means after next Halving Block Reward will be 6.25 BTC for every new block.

The Next Bitcoin Halving will take place in this year 2020.
You mean "miners" and transactions?. There is no exact time on how long it will take before the halving will happen but there is an approximate time on how long and it's mentioned by 1miau it's approximately 4 years. 12.5 BTC block reward did not start on July 6,2016 but on Saturday July 9, 2016 16:46:13 UTC and the block height is 420000 where in 419999 block height the block reward is 25 BTC.

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January 22, 2020, 04:34:43 AM
 #18

~snip~ You mean "miners" and transactions?
My English is not so good.
I was associated with Mining until 2017 from France actually can't remember it was July 6 or 9.
Thank you @nakamura12 for the correction.


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January 23, 2020, 02:38:24 PM
 #19

Hello bitcoin lovers, I think everyone know what is Bitcoin Halving, but many newbies may not know what Bitcoin halving really is. If you are involved with crypto currency then you need to know about Bitcoin halving. So I want to write it briefly here.

Bitcoin halving place at every 210,000 blocks. As a result, the Bitcoin mining block reward is split in half. Now the reward for each block is 12.5 Bitcoin and after halving it will be 6.25 Bitcoin. It takes four years to get to the 210,000 block. This process will continue until the remaining bitcoin is mined. As long as there is a divide of the Bitcoin mining reward, it will take double time to mine the rest of Bitcoin.One way will be bitcoin halving every four years. When Bitcoin was created, the block reward was 50 BTC per block.

First bitcoin halving: When the first bitcoin halving was happen in 2012, each block was rewarded with 25 BTC.  

Second bitcoin halving: Then after bitcoin halving for the second time in 2016, each block was rewarded at 12.5 BTC.

Third bitcoin halving: Bitcoin halving is going to happen third time in 2020. This time each block will be rewarded at 6.25 BTC.

Next Bitcoin halving is not much longer. Countdown to the next bitcoin halving I have added. Which will give everyone an opportunity to know how much time is left for next bitcoin halving. I follow Binance's Bitcoin Halving timer.


Everyone should be aware of the upcoming Bitcoin Halving that is soon to unfold. It would make a great impact to bitcoin's price together with altcoins that's why you should start preparing yourself from this. Even though the value of bitcoin after the halving is not yet certainly determined, there's already a high probability that it will surely increase. It is very essential that we inform others about it even the newbies so that we can make sure that we will have an assured success after this big event.



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January 25, 2020, 05:53:19 PM
 #20

Everyone should be aware of the upcoming Bitcoin Halving that is soon to unfold. It would make a great impact to bitcoin's price together with altcoins that's why you should start preparing yourself from this. Even though the value of bitcoin after the halving is not yet certainly determined, there's already a high probability that it will surely increase. It is very essential that we inform others about it even the newbies so that we can make sure that we will have an assured success after this big event.

There is no single answer to this question. Some believe that the price of bitcoin should increase after halving, because the reward for miners will be halved. Others believe that the number of coins that are mined by miners is not so large that it leads to an increase in the price. But I think that in the future the price will still grow. And it won't be related to halving.

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