Good evening to all the community members, I need your candid opinions as crypto enthusiasts on the topic bitcoin halving. Can anyone here throw more lights on its meaning. What do they mean by saying a bitcoin mining halving. Thank you as I await your responses.
Halving refers to the number of coins that miners receive for adding new transactions to the blockchain being cut in half. This will now diminish from 12.5 bitcoin to 6.25 and will halve again every 210,000 blocks until the last bitcoin is mined in 2140
This is good news. for bitcoin to be halved for gas fees
Basic concept of crypto, that was inteoduced by bitcoin is that if Alice send btc to Bob then she form tx and broadcast it to special pool (mempool). To be sure that tx is real and got nothing bad in it someone need to “mine” it: make some work to decrypro it. People that do this are called miners, so they use some PC or special tools (ASIC) to decrypt info about txs (blocks). After they do so, tx is confirmed. To make peoe want to do it BTC is offer some reward for miner per block. In original concept (and in reality) btc price is growing, so in concept once per period there is a halving of that reward for miners. Also, reward is a way to “print” new btc. After 21 mil btc will be deploed only reward that will be for miners is just a fee from tx.
New BTC is created by miners. And are rewarded with BTC. Every approximately 4 years, this reward is halved.