Halving means halving as a word. It is the reduction of the reward per block in mining production in crypto currencies (Bitcoin, Bitcoin Cash, Litecoin etc.) produced by mining by half at regular intervals.
Mining is necessary for the production of cryptocurrencies as well as for the approval of transfers in the blockchain system. The termination of mining or slowing of transactions will affect the usability of the system.
The number of units to be produced in all crypto currencies produced by mining has been determined. Units over the specified amount cannot be produced. In this way, supply-demand balance, which is the main factor in pricing the crypto currency, was preserved and inflation was prevented.
What is the Advantage of Halving?
Halving is the deliberate lowering of the mining reward at regular intervals in the mining of cryptocurrencies. There are two main reasons for this process.
Rewarding users who have always believed in cryptocurrencies. Users who believe in cryptocurrencies produced by mining and who have been mining in this area since their release will not be affected by the halving operations in the first place, and will receive much more block awards than the miners who are involved in this area.
The mining process forms the basis of the network, as they are necessary for the production of crypto money, as well as the approval of transfers made in the blockchain system. The limitation of the number of cryptocurrencies to be produced would result in the production of the entire number of cryptocurrencies if the first block award was followed. In this case, the miners will start to withdraw from the blockchain network, that is, the mining network, because there is no reward, and the system will be blocked. In order to keep the miners in the blockchain network for a long time and to continue the production of the cryptocurrency, it is necessary to decrease the block reward as the number of miners increases.
What is Bitcoin (BTC) Halving?
Bitcoin (BTC) cryptocurrency is a cryptocurrency produced by mining. Miners receive rewards in Bitcoin for each block they solve. In this way, both Bitcoin production and transactions on the blockchain network are carried out.
With Halving on the Bitcoin (BTC) blockchain, the reward received per block is reduced to half the value.
Bitcoin (BTC) mining first started with the Genesis Block, which was launched on October 31, 2008 by Satoshi Nakamoto, known as its founder. Every subsequent confirmation is written on this block.
Bitcoin (BTC) was awarding 50 BTC per block in 2008 when it was first released. Anticipating that the number of miners will increase and transactions will slow down, the developers developed a system “Halving” that will allow the reward per block to decrease automatically. The first halving transaction on the Bitcoin network was made in 2012, and the reward per block was 25 BTC. Halving, which takes place approximately every 4 years, made its next halving in 2016 and the prize per block was 12.5 BTC.
A third halving will take place in 2020 and the prize per block will be 6.25 BTC.
The reflection of the halving transaction on the Bitcoin price has always been positive until now. The expectations for the Halving to be held in 2020 are in this direction.
What is Bitcoin Cash (BCH) Halving?
Bitcoin Cash (BCH) crypto currency Bitcoin (BTC) is a crypto currency that emerged in 2017 by forking from the Bitcoin network in order to offer a faster system upon slowing down transactions on the blockchain network.
Bitcoin Cash (BCH) is a cryptocurrency generated by mining just like Bitcoin (BTC). On the blockchain, miners receive rewards in Bitcoin Cash (BCH) for each block they solve. This reward system both produces Bitcoin Cash and ensures the continuity and security of the blockchain system.
Bitcoin Cash (BCH) mining currently offers 12.5 BCH as a reward per block. With the Halving to be held in 2020, the award given per block will be 6.25 BCH.
What is Litecoin (LTC) Halving?
Litecoin (LTC) is the first cryptocurrency to fork out from the Bitcoin blockchain network. It was released by Charlie Lee in 2011. It is the first altcoin.
It emerged due to the slowdown of transactions in the Bitcoin (BTC) blockchain system and the necessity of some technical regulations. Faster block creation in the blockchain network enables transactions to be performed faster through the Bitcoin (BTC) blockchain network.
Litecoin (LTC) cryptocurrency is a cryptocurrency produced by mining and its total supply is certain. Litecoin (LTC) will be launched on the market in a total of 84,000,000 LTC. Like other cryptocurrencies produced by mining, Litecoin (LTC) has Halving in its system.
In the Litecoin (LTC) network, Halving is performed every four years and d