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The countdown has begun – until halving …

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The countdown has begun

The countdown has begun - until halving ...

The countdown has begun – less than 1000 blocks are left before Bitcoin halving
CONTENT

  • Bitcoin halving will take place in less than 1000 blocks.

  • Bitcoin inflation will fall by 50% after the upcoming halving.

  • Crypto enthusiasts predict an increase in the BTC rate after halving.

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The countdown went to the halving of bitcoin – less than 1,000 blocks were left before block 630,000 was generated. At the current rate of block creation, Bitcoin halving halving is cutting the number of new coins created and earned by miners by half. This happens about every four years and … More will come May 11-12.

The countdown has begun - until halving ...

After this event, the supply of the main digital currency will be reduced by 50%. Meanwhile, the US Federal Reserve continues to aggressively print money in an effort to support the economy during the coronavirus pandemic..

Falling Bitcoin inflation and the Fed’s printing press

As user @mishalederman writes on Twitter, in less than 1,000 blocks, the daily supply of bitcoin will fall by 50% – from 1,800 to 900 coins. Halving is a kind of cryptocurrency inflation control mechanism built into the underlying network protocol.

The countdown has started - until the halving ...

Every 210,000 blocks that take 4 years to mine, miners’ rewards are reduced by 50%. In this case, after the halving, the reward will decrease from 12.5 to 6.25 BTC.

This decrease in reward, which occurs every four years, slows down the creation of new coins. Without inflation control, miners with powerful software can theoretically take all the rewards for mined blocks in a short period of time, flooding the market with bitcoins and causing a large imbalance between supply and demand. If such a situation arises, the BTC quotes would collapse.

It so happened that the upcoming halving of bitcoin coincided with a very difficult period in which the world economy found itself due to the coronavirus epidemic. And in this context, the Satoshi Nakamoto protocol once again follows a course that diverges from the traditional financial system. The creator of bitcoin himself has repeatedly made it clear that he is skeptical about mainstream finance..

As long as Bitcoin continues to position itself as a hard currency, the Fed relentlessly prints money that is not backed by even paper bills. The US national debt is approaching $ 25 trillion, and the Treasury Department is announcing plans for additional borrowing and raising $ 3 trillion. A new issue of debt obligations will take place this quarter.

Interest in halving

Less than a week is left before the Bitcoin halving, and interest in this event only continues to grow. Query analysis on Google shows that user curiosity has hit an all-time high and query volumes are four times higher than those recorded before the previous 2016 halving..

Activity on the bitcoin network itself has also increased, with hash rates hitting all-time highs. Bitcoin supporters hope that post-halving supply cuts will trigger a new surge in the price of a major digital asset.

The countdown has started - until the halving ...

 

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