What is Bitcoin Halving? When will it happen? - Capt altcoin explains

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What is Bitcoin Halving? When will it happen? - Capt altcoin explains

Post by RamboLambo » Sun May 06, 2018 6:06 pm

"Nakamoto was quoted writing on this topic: “By convention, the first transaction in a block is a special transaction that starts a new coin owned by the creator of the block. This adds an incentive for nodes to support the network, and provides a way to initially distribute coins into circulation, since there is no central authority to issue them. The steady addition of a constant of amount of new coins is analogous to gold miners expending resources to add gold to circulation. In our case, it is CPU time and electricity that is expended.”

This meant that his system of generating Bitcoin will become overrun with advanced hardware, capable of mining much faster than the 10 minutes per block he envisioned as ideal. This would cause the above mentioned oversupply and inflation. Next to a gradual increase in the difficulty of the mining process, Satoshi decided to implement a “halving event” in order to deal with the upcoming issues that the currency might face. The event first happened in 2012, and again in 2016, and it is expected that it will happen again sometime in 2020 and 2024."


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