Bitcoin's Mining Cycle: Understanding the Halving Event

imageWhat is Bitcoin Halving?

Bitcoin Halving is an event where the Bitcoin block reward is cut in half. This event occurs approximately every 210,000 blocks, translating to roughly every four years. The first halving occurred in 2012, the second in 2016, and the third in 2020. Each halving leads to a rapid reduction in the rate of Bitcoin production.
Bitcoin Halving: The Cycle of Digital Gold Mining
Bitcoin, initiated by Satoshi Nakamoto in 2009, stands as the pioneer of the cryptocurrency world. One of Bitcoin's unique features is its limited supply. The Bitcoin network operates on a reward system called mining, allowing the creation of new Bitcoins. However, this reward system has a cycle of halving, an event known as "Bitcoin Halving.

Why is Bitcoin Halving Done?

The primary purpose of Bitcoin Halving is to control and decrease the total supply of Bitcoin. Satoshi Nakamoto's design envisions a maximum of 21 million Bitcoins. Halving reduces the rewards for miners while slowing down the production of new Bitcoins, ultimately leading to the capped supply of 21 million.