The 2020 Bitcoin halving has taken place
The 2020 Bitcoin halving has taken place
Bitcoin

The 2020 Bitcoin halving has taken place

By Marco Cavicchioli - 11 May 2020

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The third Bitcoin halving took place at 19.23 PM (UTC) on May 11th, 2020.

As expected, it occurred at the block number 630,000, mined by AntPool.

As can be verified using any explorer, this halving brought the miners’ reward down to only 6.25 BTC, whereas up to the previous block it was 12.5 BTC. 

From now on, and for the next 210,000 blocks, the reward for those who manage to mine a block will remain fixed at 6.25 BTC, after which, at the 840,000th block it will be further halved at 3.125 BTC. 

In addition, from tomorrow, there will no longer be an average of 1,800 new BTC created every day, but only 900. This will bring the inflation of the bitcoin monetary mass below 2% per year, while until now it has been above 3.5%. 

The reduction in the volume of BTC created every day should also lead to a reduction in the supply of BTC on the market, as miners often sell the BTC they receive as a reward in order to be able to finance the huge expenses associated with mining operations. 

Therefore, if demand for BTC on the market remains constant, or even increases, a possible price increase is expected. However, this is an event that has not had an immediate effect on the price during the past two occasions but only had an effect after several weeks. As such, a direct and immediate effect is not to be expected this time either. 

In addition, there has already been a price increase in recent days, probably due to the imminent halving, which was followed by a retracement

Updates will follow. 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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