The process of halving in the Bitcoin network and its effect on the block reward

The process of halving in the Bitcoin network and its effect on the block reward. Bitcoin network when halving blocks away? While less than a year remained until Bitcoin halving. Investors and analysts pay close attention to this event. Most people believe that with the arrival of the halving, the recent bear market period will end and Bitcoin can once again return to its upward cycle.

The process of halving in the Bitcoin network and its effect on the block reward

In addition to the effect of halving on the price of Bitcoin, questions are also raised which may attract the attention of those interested in the blockchain world. One of these questions is, how many halvings is the Bitcoin network away from the block reward becoming zero? In other words, how many more halvings are predicted for Bitcoin in the future? Halving is one of the prominent features of the Bitcoin network that differentiates this cryptocurrency from other fiat currencies. This event occurs approximately once every four years or after every 210,000 blocks are mined. At this time, the amount of Bitcoin mining reward will be reduced by half.

Bitcoin has a total supply of 21 million units, which means that in the last phase of Bitcoin mining, all Bitcoins have been mined and only 21 million units of this cryptocurrency will be available. If the Bitcoin mining process goes according to the plan designed by Satoshi Nakamoto, the last Bitcoin unit is expected to be mined in 2140 AD (1518 AD).

So far, the Bitcoin network has experienced 3 halvings and the next halving will occur in 2024. Given that halving occurs approximately every four years, the Bitcoin blockchain is expected to experience a total of 32 halvings until the last unit of the cryptocurrency is mined, leaving 29 more halvings.

Over time, the amount of reward that miners receive for mining each block has decreased

Over time, the amount of reward that miners receive for mining each block has decreased

And after the sixth halving in 2032, this reward will be reduced to below 1 bitcoin. This means that in the future, miners will only be competing to mine a very small amount of Bitcoin. This situation continues continuously and after the last bitcoin halving in 2136, only 0.00000001 bitcoins per block will be mined.

This situation begs the question, how will the price of Bitcoin change by then, and will it be enough to be worth mining? If the price of Bitcoin rises high enough to be economically attractive, Bitcoin may be effective as a store of value. But this is one of the challenges that will arise for Bitcoin in the future and needs more careful attention and study.