[2020 Bitcoin Halving Watch] BTC’s Current Block Halving Event is Nearly 75% Underway, Under 500 Days Away
Despite the world’s premier cryptocurrency being stuck around the $3,600 range for more than a month now, the currency’s Lightning Network seems to have reached a total capacity of 575 BTC recently.
This points to the fact that even though the price of BTC has not really surged as expected this year, its adoption has been growing at a rapid pace all over the world.
A More Detailed Look at the Matter
The fundamental bedrock that lies at the heart of Bitcoin seems to be flourishing with each passing day. To be even more specific, as of block 558,600, 66% of the the currency’s total block count has been mined until it's next halving— an event that is scheduled to take place in the latter half of May 2020.
For those unaware of what block halving is, it is essentially a process through which “mining rewards get halved after a set total of blocks for a particular altcoin have been mined” (for case at hand, BTC’s reward quota is all set to reduce from 12.5 coins to 6.25 coins).
Lastly, the number of Bitcoin mined every year will keep on reducing till all 21 Million tokens are eventually acquired by miners.
Other Key Details Worth Noting
For those of our readers who may remember, the last halving event took place in 2016 and the one before that in 2012. In this regard, by taking into consideration the price trends that have traditionally followed these events, we can see that the value of individual Bitcoin tokens usually surge right after a halving takes place.
Whether or not history repeats itself this time remains to be see, however, one thing is for sure that the future of Bitcoin looks to be quite action packed.
In addition to all of the information that has been provided above, it is also worth noting that Litecoin’s mining block reward is also set to be halved this coming August (on the 8th of the month to be exact).
In regards to the LTC network, it can be seen that miners have already reached block 1,562,469 of the network (thereby signalling that 86% of LTC’s native block total has now been mined with only 117,531 blocks remaining).