Miners are responsible for the Bitcoin blockchain transactions to be included into blocks. They are rewarded for their activities 💰.
Bitcoin halving is a mechanism that decreases the amount of reward to miners by half. This reward halving takes place each 210,000 blocks.
Miners were rewarded for each block with 50BTC initially. However, due to previous halvings, this amount decreased eight times.
📌 First halving took place on November 28, 2021. Reward decreased from 50 BTC to 25 BTC.
📌 Second halving took place on July 9, 2016 when the amount of the reward decreased from 25 BTC to 12.5 BTC.
📌 THird halving took place on Many 11, 2020. Reward decreased from 12.5 BTC to 6.25 BTC.
MIners get 6.25 BTC per each block. Additionally, they receive commissions for all transactions that are included into this block.
🔜 Fourth halving will take place approximately in 969 days and the reward will be decreased from 6.25 BTC to 3.125 BTC per block.
Miners still have to find 157 582 blocks before this event will happen.
Halving results in BTC supply reduction and stimulates price growth.