Fun

Bitcoin’s Third Halving Complete: Reward Cut Surprisingly Faster Than Previous Time Estimates

News Feed - 2020-05-12 04:05:55

Bitcoin"s Third Halving Complete: Reward Cut Surprisingly Faster Than Previous Time Estimates


The Bitcoin blockchain has experienced its third block reward halving on May 11, 2020, at approximately 3:21 p.m EST, even though quite a few countdown clocks estimated that the halving would occur on May 12. Bitcoin miners now get 6.25 BTC per block rather than the 12.5 BTC they acquired before the halving.


On Sunday, news.Bitcoin.com reported on the bitcoin halving that was expected to happen on May 12, 2020, but due to the speed of the network, it happened to take place on May 11 instead. At the time of publication, BTC’s hashrate is around 120 exahash per second (EH/s) and the price has been hovering in the mid-$8K range (between $8,300-8,700) per coin all day long.


The halvings happen every four years (210,000 blocks) on the BTC chain, and the last two were in 2012 and 2016. Before the first halving, miners got 50 coins and after that event, the block reward was cut down to 25 coins per block. The second halving saw the reward cut in July 2016, as it was shaved down to 12.5 BTC per block.




The halving means no matter how miners feel about it, the reward (revenue) they get per block will be chopped in half. In our previous article, it was mentioned that there were three key data points to watch leading up to the halving which include; countdown clocks, the overall hashrate, and the price per BTC. Now that the halving is over and block 630,000 has been mined, the last two key data points will still be watched with great interest. One could also add that BTC’s network difficulty will be another statistic to watch during the days and weeks after the reward cut.The BTC network hashrate has been around 120 exahash per second on May 11, 2020, just before and during the block reward halving.


Observers can watch BTC’s price using markets.Bitcoin.com, as well as observe BTC’s network hashrate via charts.Bitcoin.com. Both of these resources are updated every day in real-time and people can observe the network difficulty as well. The data and analysis web portal Coin Dance, which covers all three Bitcoin-based branches (BTC, BCH, and BSV), is also a great resource to use if you are watching the network’s activities after the halving. Satoshi’s halving code also changes BTC issuance and inflation rate and people can also monitor the inflation rate per annum using charts.Bitcoin.com’s data.




As far as halving price speculation and discussions, well you can find that kind of stuff all over social media and crypto-related forums. The truth of the matter is no one knows what will happen after the halving and the weeks and months that follow. Watching the price, difficulty, and overall hashrate will give spectators a better glimpse of the halvings effects. No matter what happens, cryptocurrency advocates know there is never a dull day in bitcoin-land and the reward halving just adds more fuel to the excitement and speculators’ wild theories too.


What do you think about the third BTC block reward halving? Let us know in the comments below.Bitcoin Transaction Costs Soar 400% Amid Halving HyperboleNEWS | 5 hours agoJury Trial Scheduled for Billion Dollar Bitcoin Lawsuit Against Craig WrightNEWS | 10 hours agoTags in this storyBitcoin, bitcoin halving, Bitcoin network, BTC, fiat currencies, Halving, Hashrate, May 12, Miners, mining, Price, quantitative hardening, Reward Halving, SHA256 Hashrate, third Bitcoin Halving


Image Credits: Shutterstock, Pixabay, Wiki CommonsPurchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Read disclaimer Show comments

News Feed

EU Makes Deal on MiCA Legislation to Regulate Crypto Markets
EU Makes Deal on MiCA Legislation to Regulate Crypto Markets Representatives of key European Union (EU) institutions and member states reached an agreement on the Markets in Crypto
Galaxy Digital Reveals Bold Dogecoin Price Prediction For 2025
Este artículo también está disponible en español. Every year-end, some of the top crypto analysts and crypto firms reflect on the industry’s performance, and look forwa
BingX exchange openly supports Iranian users, defying sanctions
Christopher Roark3 hours agoBingX exchange openly supports Iranian users, defying sanctionsA Telegram admin for BingX claims that the exchange “has no problem with Iranian users, and it is even possible to authenticate
SEC Criticized for How It Regulates Crypto — Chair Gensler Says Most Crypto Tokens ‘Have Attributes of Securities’
SEC Criticized for How It Regulates Crypto — Chair Gensler Says Most Crypto Tokens "Have Attributes of Securities" The U.S. Securities and Exchange Commission (SEC) has been heav
Iran Seizes 45,000 Bitcoin Miners for Illegally Using Subsidized Government Electricity: Report
Iran Seizes 45,000 Bitcoin Miners for Illegally Using Subsidized Government Electricity: Report Police in Iran have reportedly seized 45,000 bitcoin mining rigs
Bitcoin Bearish Case Emerges – Is A Dump To $73,000 Coming?
Este artículo también está disponible en español. A new technical analysis on TradingView suggests Bitcoin may be approaching a decisive moment, with a possible breakdown
Zhiyuan Sun6 hours agoInteractive Brokers opens Hong Kong retail crypto trading with OSLHong Kong clients will be able to purchase Bitcoin and Ether in their personal accounts.729 Total views8 Total sharesListen to artic
Solana memecoin hits a whopping $328T market cap — for all the wrong reasons
Brayden Lindrea3 hours agoSolana memecoin hits a whopping $328T market cap — for all the wrong reasonsCrypto users have continued to send funds to the apparent honeypot scam, even with many warnings they won’t be abl
Derek Andersen5 hours agoHouse Financial Services Comm. witnesses air multiple anti-CBDC argumentsThe digital assets subcommittee heard from five witnesses on a U.S. CBDC, most of whom had little good to say about it.964
Brian Quarmby7 hours agoOpenAI pauses ChatGPT’s Bing feature, as users were jumping paywallsOpenAI found a bug in its Browse plugin that inadvertently allowed users to read paywalled articles in some cases.5394 Total v
Gemini mulled forming a ‘juggernaut’ with Genesis before it went to smoke
Brayden Lindrea7 hours agoGemini mulled forming a ‘juggernaut’ with Genesis before it went to smokeBarry Silbert, CEO of Digital Currency Group once pitched creating a combined company with Gemini that could compete
Interest Rate Cut Impact: Bitcoin Price Reaction Unraveled With Future Projections
Este artículo también está disponible en español. The Bitcoin price experienced a significant downturn on Wednesday, briefly falling below the $100,000 milestone as the U