The Most Anticipated Cryptocurrency Event of 2020 – The Bitcoin Halving – Just Happened

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Yes, the third bitcoin halving took place on May 11, 2020, which resulted in cutting of the miner block rewards by 50% from 12.5 BTC to 6.25 BTC.

Occurring only once every four years, this is the third bitcoin halving in history since the first Bitcoin block was generated back in 2009.

SEE ALSO7 Reasons Why Bitcoin is Stronger Than Ever in May 2020

Below is a brief history of all bitcoin halvings till now:

  • 2012 – First bitcoin halving cutting rewards from 50 to 25 BTC
  • 2016 – Second bitcoin halving cutting rewards from 25 to 12.5 BTC
  • 2020 – Third bitcoin halving cutting rewards from 12.5 to 6.25

There can only be 21 million bitcoins and currently, the number of bitcoins in circulation amounts to 18.37 million as of May 2020.

The 2020 bitcoin halving comes at a time when there is overwhelming interest in this digital asset class from institutions and large hedge funds.

The crypto industry has been captivated by macro investing legend Paul Tudor Jones offering an endorsement of Bitcoin as an investment tool in his latest market outlook – with many investors feeling vindicated by his comments.

Furthermore, bitcoin’s hash rate climbed 8,100% since the last halving and its development from a fundamental perspective shows the long-term outlook for the cryptocurrency remains incredibly bright.

For now though, the successful halving continues to cement bitcoin as a valuable asset by both investors and retailers as the world grapples with massive quantitative easing in the midst of the Covid-19 global crisis.

 

 

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