What Bitcoin’s May 12 Halving Means

An upcoming May event is about to reduce the number of Bitcoin on the market by 50%. And if you listen to a Bitcoin bull, they'll tell you that greater demand and higher prices will follow.

But to really understand why the Bitcoin community is so thrilled about it (and so certain about what it means for the price of Bitcoin), one must look at what has happened after past events just like this.

Read on for a full explanation from Coin Telegraph.

Sometimes less is more. That’s a tenet of modern design, but it’s also a central belief of many in the decentralized cryptocurrency community. Throughout the Bitcoin (BTC) world — in Twitter threads, on crypto news websites and in private Telegram and Discord channels — conversation almost invariably turns to one topic: the May halving that will reduce the amount of newly minted Bitcoin by 50%. Less Bitcoin being produced may mean greater demand and higher prices, but to understand just why the community at large is thrilled we need to take a look at Bitcoin’s history.

Bitcoin was intended as a finite and increasingly scarce commodity. Miners need to solve “block” calculations to earn the right to mint the next swathe of Bitcoin. Just as a gold mine grows gradually less efficient as the veins are tapped and the lodes uncovered, Bitcoin mining also grows more difficult over time. The calculations miners must solve grow more difficult, and the rewards grow smaller. When its pseudonymous developer Satoshi Nakamoto launched the Bitcoin network in 2009, any off-the-shelf computer could mine and run a decent chance of winning the 50 BTC block reward. This has lessened over time. In 2020, the individual block reward is 12.5 BTC, and only custom-built and energy-intensive mining rigs have any chance of earning the reward. Bitcoin has halved twice before: in 2012 and in 2016. When the 2020 halving occurs, the reward for successfully mining a block will be 6.25 BTC.

The last halving in 2016 led to major increases in Bitcoin’s price, but not everyone is sure that the 2020 halving will inspire similar market adjustments. When the first halving took place in November 2012, Bitcoin was a lesser known asset class. Few people outside the programming, technology and cryptography worlds had ever heard of it. The May halving will be very different. While cryptocurrency may not be widely understood by the general public, it’s now widely acknowledged and covered by journalists and reporters the world over. The news of the halving, even if its exact significance might remain unclear to casual observers, has the potential to draw new people into the world of cryptocurrency and blockchain.

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Bitcoin just smashed through $7,000.

You see, in a matter of days, a critical aspect of Bitcoin will be cut in half…

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