Halving is similar to the Leap Year phenomenon that occurs every four years, The only major difference is, While you get one day extra in Leap Year,during the event of Halving, the reward meant for miners for mining new blocks is reduced by 50%. How does it take place? Simple. After every 210,000 blocks mined or like leap year, after every four years; the processing transaction for miners is cut in half. Why? Because it is Bitcoin’s way of using a synthetic form of inflation that halves every four years until all Bitcoin is released and circulated to everyone. Bitcoin’s most recent halving occurred on May 11, 2020. Here’s yet another tidbit, it is said that the Halving system will continue until around the year 2140.
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