We all know that every 210,000 blocks Bitcoin will be giving less rewards to the miners that work processing the transactions that take place on Bitcoin’s network. At the moment, we are 726 days or 104,530 blocks away from that to happen.
According to a Tweet uploaded by Genesis Mining, one of the most important cloud mining pools on internet, Bitcoin will be halving in less than two years. At the moment, each block is paying to the miners 12.5 BTC as a reward for their work processing transactions.
With the next halvening, miners will be receiving just 6.25, and so on until all coins will be mined – which is expected to happen in 2140.
726 days or 104,571 blocks to go! 🚀https://t.co/r2AFqfCCts
What do you think about less supply and Bitcoin as deflationary asset?#CryptoFacts #Bitcoin #Halvening #Cryptocurrency pic.twitter.com/uipy5kqXkv— Genesis Mining (@GenesisMining) June 1, 2018
Bitcoin is a deflationary asset, compared to other fiat currencies, this is one of the main benefits of this cryptocurrency. During time, there will be less Bitcoins available, but an increased demand ready to purchase them – which will eventually drive the price up.
Genesis Mining has created a web in which interested individuals can check the number of days and blocks remaining for the next halvening. The website can be checked here.
Additionally, it provides information about Bitcoin price and inflation, the total number of Bitcoins (live), the number of Bitcoins until halving, and more. Furthermore, it explains how the bitcoin network works and how halvenings take place.
It is not clear how the halvening will affect the price, but it may have a positive impact in the long term. In the last two halvenings Bitcoin didn’t see a price increase until months later.
Genesis Mining vs MinerGate vs HashFlare vs NiceHash [Mining As A Service]
Genesis Mining Strikes Again, Trolls Warren Buffett via Billboard at Berkshire Hathaway Meeting
