With the COVID-19 pandemic grabbing most headlines the past few weeks, the cryptosphere has been directing some of its attention toward Bitcoin’s reward halving. With the event just four weeks away and the Bitcoin Cash and Bitcoin SV halvings already executed, the anticipation for Bitcoin’s halving is at an all-time high.
The halving grants Bitcoin (BTC) one of its most important features — its deflationary status. Bitcoin started out with 50 BTCs being created with each block, which took approximately 10 minutes to mine, but this rate is subsequently cut in half every four years. The upcoming halving will be the third of its kind and will reduce the Bitcoin issuance rate to 6.5 BTC for every 10 minutes of mining.