Just few days ago Bitcoin underwent a successful halving of its total global supply, in effect reducing the rewards earned by miners from 6.25 to 3.125 bitcoins. This bitcoin halving has been received after much anticipation, with mixed feelings across the cryptocurrency market, it's sparked a mix of excitement and trepidation among investors, miners, and enthusiasts alike. The halving, which took place on April 12, 2024, marks a significant milestone in the life cycle of the world's largest cryptocurrency by market capitalization.
To understand the implications of the halving, we need to first grasp the underlying mechanics of Bitcoin's blockchain network. Bitcoin operates on a decentralised network of computers, known as nodes. These computers verify and record transactions on a public ledger called the blockchain. This process is handled by specialised nodes called miners, who compete to solve complex mathematical puzzles in order to validate transactions and add new blocks to the blockchain.
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