cryptocurrency placed by the blockchain’s code. 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. A great example of that would be when the MEME token (created as a satire in <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-defi/">
DeFi and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-non-fungible-token-nft/">
NFT industry) exploded in value thanks to its small hard cap of only 28,000 tokens. Also, in 2020, the <strong>YFI governance token</strong> raised its value to over $40,000 mostly thanks to its small hard cap of 30,000 tokens.</p>","level":"easy","meta_title":"What is Hard Cap? 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Proof-of-Work (PoW)</strong></a> and <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-stake-pos/">Proof-of-Stake (PoS)</a> </strong>consensus algorithms to be used on the same network. The hybrid mechanism combines the security measures of the PoW consensus algorithm with the efficient energy use of the PoS algorithm.</p>","level":"easy","meta_title":"What is Hybrid PoW/PoS? Definition & Meaning | Crypto Wiki","meta_description":"Hybrid PoW/PoS meaning: Hybrid PoW/PoS - a mechanism that allows both Proof-of-Work (PoW) and Proof-of-Stake (PoS) algorithms to be used on the network.","meta_keywords":null,"language":"en","created_at":"2022-03-16T14:58:43.000000Z","updated_at":"2023-02-02T15:28:22.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-hybrid-pow-pos"},"prevSection":{"id":383,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Halving?","slug":"what-is-halving","section":"H","keyword":"Halving","status":"published","definition":"a blockchain event where rewards received for transaction validation or block subsidies decrease by half.","content":"<p>Halving (or halvening) of rewards obtained for transaction validation or <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-block/">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? Definition & Meaning | Crypto Wiki","meta_description":"Halving meaning: Halving - a blockchain event where rewards received for transaction validation or block subsidies decrease by half.","meta_keywords":null,"language":"en","created_at":"2022-03-16T14:50:50.000000Z","updated_at":"2023-01-24T07:55:54.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-halving"},"currentChapter":"H","currentSection":"what-is-hard-cap","chapterTitle":"H","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-hard-cap","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter H
What is Hard Cap?
Hard Cap MEANING:
Hard Cap -
the absolute maximum supply limit of a particular cryptocurrency.
Let's find out Hard Cap meaning, definition in crypto,
what is Hard Cap,
and all other detailed facts.
A hard cap is the absolute maximum supply limit of a particular cryptocurrency placed by the blockchain’s code. A hard cap prevents the further circulation and creation of its units. This way it creates scarcity which drives up the value of each token. This limit can be bypassed by changing the parameters of a cryptocurrency which eventually results in the creation of a new cryptocurrency.
A hard cap is strictly supervised by crypto analytics websites and the communities of specific projects. However, it can be changed when an error occurs in the code, 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 Bitcoin when the 184M inflation bug appeared in code and broke the 21M limit.
As mentioned before, hard caps help to raise the value of tokens. A great example of that would be when the MEME token (created as a satire in DeFi and NFT industry) exploded in value thanks to its small hard cap of only 28,000 tokens. Also, in 2020, the YFI governance token raised its value to over $40,000 mostly thanks to its small hard cap of 30,000 tokens.
