On 11.05.2020 at 19.23 (UTC) it was time. China-based miner Antpool has produced the 630,000 th block, triggering the third Bitcoin halving. Rewards dropped from 12.5 BTC to just 6.25 BTC.
The halving of 2020 came about under conditions that remind many of the 2008 financial crisis for no reason – the mining premium has now fallen by 50%. The halving in 2012 in the Bitcoin protocol caused the rewards to drop from 50 to 25 units. As a result of the second halving, the reward for mining again fell by 50% to only 12,5 BTC. From now on, miners will only receive a block reward of 6.25 Bitcoins for the successful transaction processing and the provision of their computing services.
The third halving event as a Bitcoin signal was recorded by the network on 11/05/2020 at 19: 23 (UTC). At that moment, the mining company created Antpool block No. 630,000.
Block 629.999 refers to Nakamoto, the legendary message & the financial crisis of 2008
The corona pandemic and the extensive rescue operations with cash creations from “nothing” could lead to an economic downturn of catastrophic proportions in an emergency. Miner f2pool coined the last pre-halving block – a block that includes a piece of Bitcoin history.
It was the last Block with a 12.5 Bitcoin reward for mining. Part of the block from 2020 is a message in the form of a headline from the New York Times, which referred to the financial crisis from the year the BTC was created. The headline is similar to the one from the Genesis block from 2009 by legendary Bitcoin creator Satoshi Nakamoto.
The news also makes reference to a NY Times article that looks at the FED’s bailout plan and possible economic impact of the coronavirus pandemic on the US economy, as well as the threat of worsening the economic crisis from the Federal Reserve’s influence.
A total of 1,800″ fresh ” Bitcoins were put into circulation in the run-up to the halving. The future amount will then be 900 coins per day for the next four years. In parallel, mining revenues decrease from $ 15 million to about $ 8 million, which is based on the current rate of about $ 8,600 per BTC.
In the last few hours before halving, the price held steady above the $ 8,500 threshold. “Bitcoiners” are optimistic, at least for the time being.
According to current data, 121 exahashes per second are recognizable, in the 7-day average, the value brings it to 120 exhashes/second.