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Topic
Board Bitcoin Discussion
Merits 1 from 1 user
Topic OP
3 interesting tips about Bitcoin halving
by
ColdLava40
on 03/01/2024, 13:38:51 UTC
⭐ Merited by fillippone (1)
With the continuous study of Bitcoin and all its related terminologies, we realize that we all learn the same thing but understand it from different perspectives. Recently, I have been able to figure out 3 interesting tips that are well associated with the Bitcoin halving process. I thought it's worth sharing...

1. Miners have years to plan for the halving, which means they are given the chance to readjust themselves to see if they can continue the mining task. Certainly, profits might not be guaranteed, especially when working as a solo miner. Thanks to @Charles-Tim, who explained how solo miners work in my previous post, I gained valuable insights.

2. Halvings are pre-programmed events that work when a requirement is met. The completion of 210K blocks, which takes approximately every four (4) years, initiates a protocol that reduces the block reward by half.

3. Bitcoin is practically referred to as a commodity, which shows similar characteristics to gold. The process of acquiring either of them will definitely lead to a reduction in supply; i.e., the more we mine, the more they are reduced.

Interestingly, Satoshi never stated a reason for implementing halving in Bitcoin's protocol.

And I am sure you would be looking forward to checking Satoshi's white paper. Your contributions are welcomed, have a blissful day ahead.