block subsidies is a<strong> blockchain occurrence in which the</strong> <strong>incentives are reduced by half</strong>. It reduces the rate at which supply enters circulation, this way increasing scarcity by bringing fewer and fewer coins or tokens into existence. These events are pre-programmed into the code and announced publicly.</p>\n<p><a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin (BTC)</strong></strong></a> <strong>rewards, for example, are set to decline every four years on average</strong>. Since 2020, block rewards have decreased to 6.25 BTCs per block (900 BTCs daily), down from 12.5 BTCs (1800 BTCs). The rewards will continue to decline in this manner every four years until the last Bitcoin is mined in around 2140.</p>\n<p>Because the circulating time can be calculated at any point in time, halvings have the extra benefit of making the emission schedule more predictable. This can help determine the value of a token with precision. <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-staking/">Staking or <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mining/">mining decline over time is a common feature of practically every non-pre-mined cryptocurrency.</p>\n<p>Following the mining reductions in 2016 and 2012, Bitcoin's halving in 2020 was the third. Due to rising scarcity and a tightening of supply from miners, each halving was followed by a significant price increase. <strong>The next Bitcoin halvening will take place in March 2024</strong>, and mining incentives will be reduced to just 3.125 BTC per block.</p>","level":"easy","meta_title":"What is Halving? 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A hard cap prevents<strong> the further circulation</strong> and creation of its units. This way it creates scarcity which drives up the value of each <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-token/">token. This limit can be <strong>bypassed</strong> by changing the parameters of a cryptocurrency which eventually results in the creation of a new cryptocurrency.</p>\n<p>A hard cap is strictly supervised by crypto analytics websites and the communities of specific projects. However, it can be changed when <strong>an error occurs in the code</strong>, a malicious action happens or when the developers need to change it for some specific situations. One of the bigger hard cap breaches occurred in <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin when the <strong>184M inflation bug</strong> appeared in code and broke the 21M limit.</p>\n<p>As mentioned before, hard caps help to raise the value of tokens. 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Finney was also the first developer, aside from Satoshi Nakamoto, to use and improve the Bitcoin protocol. Besides that, Hal Finney contributed to <a href=https://www.bitdegree.org/"https://en.wikipedia.org/wiki/Pretty_Good_Privacy/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong><strong>PGP Corporation's encryption software</strong></strong></a> and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-tor/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Tor's</strong></a> first <a href=https://www.bitdegree.org/"https://en.wikipedia.org/wiki/Anonymous_remailer/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>anonymous remailer</strong></a> development.</p>\n<p>There were rumors that Hal Finney is the real Satoshi Nakamoto because he had a neighbor named <strong>Dorian Nakamoto</strong> who could have been the inspiration for the nickname. Besides, according to analyst firm Juola &amp; Associates, Finney&rsquo;s handwriting <strong>had a very close resemblance to Satoshi&rsquo;s</strong>. However, after Finney revealed emails between him and Satoshi, as well as his BTC wallet, these rumors were denied.</p>\n<p>Finney's work is still being <strong>praised to this day</strong>, despite his death from ALS in 2014, since he remains one of the most prominent and important innovators in the tech industry.</p>","level":"easy","meta_title":"Who is Hal Finney? Definition & Meaning | Crypto Wiki","meta_description":"Hal Finney meaning: Hal Finney - a programmer and cryptographer who was involved in the invention of Bitcoin.","meta_keywords":null,"language":"en","created_at":"2022-03-16T14:45:51.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/who-is-hal-finney"},"currentChapter":"H","currentSection":"what-is-halving","chapterTitle":"H","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-halving","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter H

What is Halving?

Halving MEANING:
Halving - a blockchain event where rewards received for transaction validation or block subsidies decrease by half.
Easy
1 minute

Let's find out Halving meaning, definition in crypto, what is Halving, and all other detailed facts.

Halving (or halvening) of rewards obtained for transaction validation or block subsidies is a blockchain occurrence in which the incentives are reduced by half. It reduces the rate at which supply enters circulation, this way increasing scarcity by bringing fewer and fewer coins or tokens into existence. These events are pre-programmed into the code and announced publicly.

Bitcoin (BTC) rewards, for example, are set to decline every four years on average. Since 2020, block rewards have decreased to 6.25 BTCs per block (900 BTCs daily), down from 12.5 BTCs (1800 BTCs). The rewards will continue to decline in this manner every four years until the last Bitcoin is mined in around 2140.

Because the circulating time can be calculated at any point in time, halvings have the extra benefit of making the emission schedule more predictable. This can help determine the value of a token with precision. Staking or mining decline over time is a common feature of practically every non-pre-mined cryptocurrency.

Following the mining reductions in 2016 and 2012, Bitcoin's halving in 2020 was the third. Due to rising scarcity and a tightening of supply from miners, each halving was followed by a significant price increase. The next Bitcoin halvening will take place in March 2024, and mining incentives will be reduced to just 3.125 BTC per block.
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