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One of the other reasons why crypto experts are hopeful about Bitcoin is that, in the coming year 2024, will be a year for Bitcoin’s halving event. The Bitcoin halving event happens every four years in which BTC rewards to its miners are cut by 50%, the miners payout will be reduced to 3.125 BTC. This event is usually viewed as positive for Bitcoin’s price, as it helps in contracting supply. Histo ...
One of the other reasons why crypto experts are hopeful about Bitcoin is that, in the coming year 2024, will be a year for Bitcoin’s halving event. The Bitcoin halving event happens every four years in which BTC rewards to its miners are cut by 50%, the miners payout will be reduced to 3.125 BTC. This event is usually viewed as positive for Bitcoin’s price, as it helps in contracting supply. Historically, halving has been seen as a great sign for bringing momentum to Bitcoin’s price. “However, demand for cryptocurrencies is set to sky rocket in 2018 as more people get to know about them and use them, and as the interest of governments and businesses, and more regulation, demonstrate how the market is maturing and becoming ever-more mainstream.” Bitcoin halving causes the total reward that miners receive for their work to be slashed in half. Miners currently earn 6.25 bitcoin for solving a problem, but they will begin to receive only 3.125 bitcoin for their efforts after the halving. From its very inception, bitcoinx2019s creator only ever intended for the supply to reach 21 million coins x2014 and the goal of the bitcoin halving is to decrease the supply of new bitcoin overtime.
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