“Tonight we will stare intently at our cell phones and the Bitcoin countdown and toast the historic event,” said Linz-based computer scientist Max Grosser a few hours before the so-called “Bitcoin Halving,” which takes place every four years. He will meet his Bitcoin regulars at Froschberg this evening and will definitely not miss the moment. This year the halving was calculated for Saturday, April 20th, around two o’clock in the morning, because you can’t say exactly in advance.
What is Halving?
This “halving” of the most widely used crypto “currency” is an important date that enthusiasts in the scene worldwide are looking forward to. Actually, it is a purely technical and even “sad event for Bitcoin miners,” said Grosser. Because the reward for “mining” (calculating) new Bitcoins is halved every four years, this time from 6.25 to 3.125 Bitcoin. Nevertheless, crypto fans celebrate countless halving parties around the globe. Because there is less reward for the computing power of crypto miners, as with previous halving events, many who are now “operating at the black zero” will quit, says Johannes Grill, President of the Bitcoin Austria Association OÖNews. Older computers would be turned off because electricity costs and income are always offset. Only after a few days will the usual rhythm of around ten minutes for mining a Bitcoin block be restored. At least that’s how it was so far.
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The “Halving” is firmly anchored in the code of the cryptocurrency and serves the purpose of regulating the production of new coins and preventing inflation by limiting the supply – according to the Bitcoin algorithm, the total number cannot be more than 21 million coins.
It’s different with the second largest cryptocurrency, “here the rules have been changed again and again, that’s practically the original sin of cryptocurrency,” says Grill.
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Image: Bitcoin Austria
Source: Nachrichten
