Have you ever mined Bitcoin? If you did, you know that it can be a really profitable action. If you ever want to mine Bitcoin, though, you better hurry, because the block reward will be halved soon. You don’t even know what mining is or why will it be halved? Don’t worry, we will explain that to you!
What is Bitcoin Mining?
Bitcoins works using blockchain technology. That means that miners use specific software to solve complex mathematical calculations and “mine” blocks to receive cryptocurrency as a reward. This is how Bitcoin is issued.
Why Will the Block Reward be Halved?
After a certain number of blocks are mined, the system halves the rewards to ensure that there will not be too much Bitcoins available and prevent inflation. In the beginning, to create this economic system, a large number of Bitcoins were needed, but not anymore, that is why the rewards will be halved many times in the near future.
The price halves approximately every four years. The initial reward was 50 BTC in 2009, then 25 BTC in 2013, 12,5 BTC in 2016 and it will happen again in the future.
What is the Bitcoin Block Reward Halving Countdown Site?
Bitcoin Block Reward Halving Countdown is a site that offers information about Bitcoin and has a countdown to show how much time there is remaining until the block reward halving actually happens.
If you are interested in mining Bitcoin, the site could be an interesting resource, but do not worry too much, the next halving will not happen in less than two years (at the time of this report) anyway.