What is Bitcoin Halving

[sajedul islam]

                                       What is Bitcoin Halving
Many of those who work with Bitcoin have no idea about Bitcoin Halving.
Many people do not understand the subject of halving, they will get some idea if they read this post.
For example, halving means halving or halving means the price of bitcoin has dropped a lot
Bitcoin halving is a process by which the rewards that minuses receive per block during bitcoin mining are halved or even reduced. Bitcoin is halved every 4 years since the creation of Bitcoin. Many of us may not know about Bitcoin network but new blocks are created one by one after 10 minutes. After 10 minutes before bitcoin halving, new blocks would be made. If the miners verified it, they would get a good profit. Before and after bitcoin halving, it was speculated that the price of bitcoin started pumping from some time before halving to a positive one in the market. The reason for the price increase before Halving takes the run is when the market is in turmoil. After 10 minutes of halving, the bitcoin that is made is halved, so the price of bitcoin in the market is less than before, so the price of BTC increases after halving. However to get a clearer idea about bitcoin halving you need to take a good look at the countdowns and charts.
If there is any mistake in this discussion, you will see it with forgiveness.

[Charles-Tim]

Many of those who work with Bitcoin have no idea about Bitcoin Halving.

But not on this forum, halving is like asking someone 'what is water' here.

For example, halving means halving or halving means the price of bitcoin has dropped a lot

You are wrong, bitcoin halving specifically is when bitcoin block reward halves, in the process, bitcoin supply is reduced. It happens approximately every four years after another 210,000 blocks are mined. This is the simple points you supposed to clearly explain.

If there is any mistake in this discussion, you will see it with forgiveness.

This forum is not for making mistakes, your works must be excellent, your posts must be authentic.

[mocacinno]

I don't know where to start here... Your post is full of half-truths and contradictions...

For example:

• blocks aren't created every 10 minutes. The difficulty is adjusted every 2016 blocks so that the average time between two blocks is ~10 minutes if the hashrate would stay the same as the previous 2016 blocks (at least, under normal circumstances)
• the halving isn't every 4 years, but every 210.000 blocks
• you're saying the price goes up AND down after the halving in the same sentence
• there is no technical correlation between the halving and the price, only an economical one (and even this is debatable)
• halving something IS reducing it... So when you say "halved or even reduced" you're basically repeating yourself (albeit, the first time you're giving more info than the second time)

Want my advice? Read, learn, listen... Ask questions (sure), but don't write "tutorial"-style posts on a subject you don't have enough knowledge about...

[sajedul islam]

One's own mistakes can never be caught and corrected by others, but there is no place for mistakes in the forum.
Thank you very much.

[sukbir]

I think most of our forum member know well about Bitcoin and its technology. Nowsdays it is very easy to get information about bitcoin because Bitcoin is with us more than 10 years. You can get so many articles about bitcoin, how it works and so on.

[Charles-Tim]

• the halving isn't every 4 years, but every 210.000 blocks

All your statements are correct, even this one is also correct, the first halving was in November 2012, while the second was in July 2016, the third was in May 2020 and definitely the next will happen some months before May in 2024 which means halving is not exactly happening in every 4 years but approximately in every 4 years after each 210,000 blocks are mined. Because halving happens approximately in every four years, it is said that bitcoin halves in every four years.

I am not saying what the thread starter posted is authentic though, in fact, he should follow your advice to learn before posting for not to mislead people.

[20kevin20]

the first halving was in November 2012, while the second was in July 2016, the third was in May 2020 and definitely the next will happen some months before May in 2024 which means halving is not exactly happening in every 4 years but approximately in every 4 years after each 210,000 blocks are mined.

You are not right either; the next halving could take place even in December 2024 if mining 210,000 blocks takes that long. Otherwise, if there was an exact amount of months every which Bitcoin halved, it wouldn't have been called "halving every 4 years" but "halving every X months" instead.

1st - Nov 2012
2nd - Jul 2016 (4 years minus 4 months compared to the 1st)
3rd - May 2020 (8 years minus 6 months compared to the 1st; 4 years minus 2 months compared to the 2nd)

[Charles-Tim]

You are not right either

You need to get me right, I did not say bitcoin halving occur in four years, I said it occurs approximately in every four years, and that is why it is said it occur every four years, using only 210,000 block to explain is accurate but in relation to time is necessary.

the next halving could take place even in December 2024 if mining 210,000 blocks takes that long

It has already been calculated the next halving to occur in February 29, 2024. This will be the fourth  halving, and yet it is still approximately four years which can be assumed to be four years also. So, the next halving from the calculation will occur some days before or after February 29, 2024 not in December that you presumed.

Otherwise, if there was an exact amount of months every which Bitcoin halved, it wouldn't have been called "halving every 4 years" but "halving every X months" instead.

I think this is contradictory to your other comments, which one are you talking about? I commented it happens approximately every four years which can be assumed as four years. If this is what you meant, then you are inline with my comment, do not get this twisted.

[20kevin20]

You need to get me right, I did not say bitcoin halving occur in four years, I said it occurs approximately in every four years, and that is why it is said it occur every four years, using only 210,000 block to explain is accurate but in relation to time is necessary.

Probably would've been better if I had bolded the part I was referring to, which was:

the first halving was in November 2012, while the second was in July 2016, the third was in May 2020 and definitely the next will happen some months before May in 2024

It has already been calculated the next halving to occur in February 29, 2024. This will be the fourth  halving, and yet it is still approximately four years which can be assumed to be four years also. So, the next halving from the calculation will occur some days before or after February 29, 2024 not in December that you presumed.

Well, Bitcoin Block Reward Halving shows it's going to happen on the 10th of May, 2024 which is about 2 months and a half past your calculation I didn't twist anything, I said that the fact that the past 2 halvings happened a few months before 4 years does not necessarily mean that the next halving will happen even earlier too. Should the conditions change, it could take place exactly after 4 entire years, later or earlier.

In other words, there's no direct relationship between past halvings and the future ones. Back in 2016 after the halving, the same website said the ETA for 2020's halving would be 07th of July.

[The Cryptovator]

I am not sure if OP is trying to gain some merits by creating such as topics. But seems there is few misinformation as mentioned by other users. Besides that lot of topics have been created about Halving, nothing new on your post. I will suggest use search button before you make any post and if you are going to post something then research as much as possible. Try to contribute what you have best knowledge and experience.

It's better to lock this thread from lower left to avoid future spam.

[o_e_l_e_o]

Should the conditions change, it could take place exactly after 4 entire years, later or earlier.

This is correct.

Halvings occur every 210,000 blocks. The reason this is close to 4 years is because the average block time is 10 minutes. 210,000 blocks with an average block time of exactly 10 minutes is 2,100,000 minutes, which works out at 3.993 years (accounting of course for the leap day every 4 years).

Now, as we know, the difficulty adjusts every 2016 blocks to try to bring the average block time back towards the average of 10 minutes. The reason the previous halvings haven't taken 4 years is because for the most part the hashrate has been constantly increasing, resulting in an average block time progressively shortening prior to each difficulty adjustment. An average block time of 9 minutes 30 seconds means 210,000 blocks takes (roughly) 3 years and 9.5 months.

If the converse was true, and the hashrate constantly decreased, then the average block time would progressively length prior to each difficulty adjustment. An average block time of 11 minutes means 210,000 blocks would take almost 4 years and 5 months.

[yhiaali3]

In fact your post is full of mistakes, Halving does not mean basically a decrease in price or a rise in price, Halving means mining rewards halved. For example, mining rewards were 12.5BTC  and after the last Halving became 6.25 BTC, the price increase is a consequence of Halving because Halving leads to a decrease in the amount of bitcoin produced and this A decrease in the amount of bitcoin will lead to an increase in the demand for bitcoin and thus an increase in the price. But of course, this may not happen until months or a year has passed.

[Charles-Tim]

Should the conditions change, it could take place exactly after 4 entire years, later or earlier.

This is correct.

Halvings occur every 210,000 blocks. The reason this is close to 4 years is because the average block time is 10 minutes. 210,000 blocks with an average block time of exactly 10 minutes is 2,100,000 minutes, which works out at 3.993 years (accounting of course for the leap day every 4 years).

Now, as we know, the difficulty adjusts every 2016 blocks to try to bring the average block time back towards the average of 10 minutes. The reason the previous halvings haven't taken 4 years is because for the most part the hashrate has been constantly increasing, resulting in an average block time progressively shortening prior to each difficulty adjustment. An average block time of 9 minutes 30 seconds means 210,000 blocks takes (roughly) 3 years and 9.5 months.

If the converse was true, and the hashrate constantly decreased, then the average block time would progressively length prior to each difficulty adjustment. An average block time of 11 minutes means 210,000 blocks would take almost 4 years and 5 months.

@ o_e_l_e_o, thanks for the good explanation about bitcoin halving that could take place before or after 4 years, you clearly explained this in a way someone can easily understand. That means if hash rate miners are generating is increasing, block rewards can fall in a time lesser than 10 minutes and this is responsible for the previous bitcoin halving not getting up to four years in your calculation above, and this was so because miners are constantly increasing and resulting in increasing hash rates, even the highest hashes generated is in this year and this has been increasing since years back.

But the otherwise could happen if the hash rate deceased steadily, because it will result to block time of more than 10 minutes, from your calculation, it could take more than four years before another 210,000 blocks could be mined and this will lengthen bitcoin halving period/time.

So, bitcoin halving period depends on hash rates generated by miners.

I will like you to recommend me a book or site I can read more about this, you comments are always authentic.

[o_e_l_e_o]

I will like you to recommend me a book or site I can read more about this, you comments are always authentic.

There is no book that I am aware of that will discuss this exact issue - the length of time between halvings. Most books (and sites) discuss the general principles of block time. If you read around the topics of difficulty, retargeting, block time, hashrate, and mining in general, then you will gain more of an understanding about why the average block time can vary quite significantly from 10 minutes, which has a knock on effect on how long it takes 210,000 blocks to be mined and therefore how long it is between halvings.

Having said all that, here are a couple of Stack Exchange questions I found that are very similar. Some of the answers might help you:
https://bitcoin.stackexchange.com/questions/30344/when-will-next-halving-events-occur
https://bitcoin.stackexchange.com/questions/85863/can-the-bitcoin-halving-be-delayed
https://bitcoin.stackexchange.com/questions/95923/halving-formula

[Sagittariuas]

we will not need to know what is Bitcoin Halving because it happened several days ago and it will not happen until after four years.
we should focus  on how to know more about how Bitcoin Halving can be exploited economically?

Many are skeptical that Bitcoin Halving will have a positive effect on the price and therefore we will see more demand for Bitcoin and the price will rise.
I think they are wrong price will back to less than 4000 dollar and I dont Bitcoin Halving that will up it to 20000

[Betwrong]

we will not need to know what is Bitcoin Halving because it happened several days ago and it will not happen until after four years.
we should focus  on how to know more about how Bitcoin Halving can be exploited economically?

Many are skeptical that Bitcoin Halving will have a positive effect on the price and therefore we will see more demand for Bitcoin and the price will rise.
I think they are wrong price will back to less than 4000 dollar and I dont Bitcoin Halving that will up it to 20000

Whoever predicted that the price would go up to $20k because of halving, you don't look much better than that person. Reread your post. Apart from misusing the word "skeptical", you are making a baseless prediction about Bitcoin going below $4k.

Overall it's a big question, whether halving affects BTC price or it doesn't. I personally think it doesn't because the most BTC that go to the market as a "supply" are not coming from miners.

[Ekimo]

we will not need to know what is Bitcoin Halving because it happened several days ago and it will not happen until after four years.
we should focus  on how to know more about how Bitcoin Halving can be exploited economically?

Many are skeptical that Bitcoin Halving will have a positive effect on the price and therefore we will see more demand for Bitcoin and the price will rise.
I think they are wrong price will back to less than 4000 dollar and I dont Bitcoin Halving that will up it to 20000

Whoever predicted that the price would go up to $20k because of halving, you don't look much better than that person. Reread your post. Apart from misusing the word "skeptical", you are making a baseless prediction about Bitcoin going below $4k.

Overall it's a big question, whether halving affects BTC price or it doesn't. I personally think it doesn't because the most BTC that go to the market as a "supply" are not coming from miners.

Based on the fact that from the moment of halving bitcoin holding at $9-10k, it’s too early to talk about $4k or $20k. The economy hasn't stabilized after the COVID-19, I guess we will see some important bitcoin movements closer to the 2021.

[darkweblinknews]

In 2009, the system started at 50 coins mined every 10 minutes. Two halvings later, 12.5 bitcoins are currently being dispensed every 10 minutes.

[mocacinno]

In 2009, the system started at 50 coins mined every ~10 minutes. Two Three halvings later, 12.5 6.25 bitcoins are currently being dispensed every ~10 minutes.

Fixed that for you...

Really... Same advice i've given before: Learn, read, ask questions, have fun, communicate,. But don't try to educate others about something you haven't mastered sufficiently yourself.

[acroman08]

• the halving isn't every 4 years, but every 210.000 blocks

I had no idea that halving will happen after every 210,000 blocks are mined and no fixed date that it will happen. I thought that halving is an annual event that is fixed to happen every 4 years.

Should the conditions change, it could take place exactly after 4 entire years, later or earlier.

This is correct.

Halvings occur every 210,000 blocks. The reason this is close to 4 years is because the average block time is 10 minutes. 210,000 blocks with an average block time of exactly 10 minutes is 2,100,000 minutes, which works out at 3.993 years (accounting of course for the leap day every 4 years).

Now, as we know, the difficulty adjusts every 2016 blocks to try to bring the average block time back towards the average of 10 minutes. The reason the previous halvings haven't taken 4 years is because for the most part the hashrate has been constantly increasing, resulting in an average block time progressively shortening prior to each difficulty adjustment. An average block time of 9 minutes 30 seconds means 210,000 blocks takes (roughly) 3 years and 9.5 months.

If the converse was true, and the hashrate constantly decreased, then the average block time would progressively length prior to each difficulty adjustment. An average block time of 11 minutes means 210,000 blocks would take almost 4 years and 5 months.

thanks for the great explanation!