Bitcoin Halving 2020: What Halving is & Why it Happens (A Simple Explanation)
This is a simple explanation of the bitcoin halving event that occurred in May of 2020.
=== VIDEO SUMMARY ===
In this video we will be talking about the bitcoin halving, or "halvening," event that took place in May 2020.
We go over what halving is, why halving takes place, and what implications halving has for the future of bitcoin.
The bitcoin blockchain is basically a live, running record of all the bitcoin transactions.
Once a certain amount of transaction data has been collected, a block is formed and added to the ledger.
The basic structure of the bitcoin blockchain consists of a network of computers around the world with bitcoin software installed on them.
The verification and posting of transactions on the blockchain is completed by miners via a process called mining.
The basic concept you need to know about bitcoin mining to better understand the bitcoin halving event, is that miners are rewarded with bitcoin each time they verify a new block of transactions.
These rewards are in place to incentivize miners to participate in the mining process to ensure the bitcoin network continues to be audited and essentially maintained.
Halving, in terms of bitcoin, refers to the reduction in bitcoin block rewards issued to miners by half.
When the halving occurred in May 2020, the block reward halved, or reduced by half, which gives miners 6.25 BTC of newly minted bitcoin per validated block.
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