Someone explain the halving in the simplest way possible… cause I’m being asked a lot….and I’m not good at it lol. #bitcoin
Discussion
every 10 minutes a new block is created and with it, new bitcoin comes into existence. After the halving the amount of bitcoin created in the new blocks is cut in half.
Samurais visit various mining facilities globally and use their sword to cut down ASICs. Otherwise they live in caves in the mountains the other 3 years.
The block rewards get cut in half every four years making the issuance of new #Bitcoin more scarce.
Every 210,000 blocks the amount of NEW Bitcoin that enters circulation with each block is reduced by half.
Alot of the time people will just say block reward is cut in half, but that is not entirely accurate, the block reward also includes fee, so it's right but also inaccurate.
The amount of new Bitcoin entering circulation with every new block is half as much as before the halving.
The issuance of new Bitcoin follows a strict plan. Every four years the issuance is reduced by 50%.
The block subsidy began at 50 bitcoin every ten minutes.
Every 210,000 blocks, the subsidy is cut in half until we reach just under 21 million bitcoin around 2139.
There are 144 ten minute blocks in a day.
52,560 per year.
210,248 ten minute blocks every 4 years, so we have a halving every 4 years and a couple days. The math is easier than it looks.
too complicated!! Bitcoiners have no empathy lol
A noob does not know the following words:
- block
- subsidy
just say that miners win a reward every ten minutes and that reward is cut in half every four years.... THEN get more complicated as the questions come in! :D
We have autism. I'm sorry if that makes things too complocated for you.
haha
(complicated *)
It is something I have noticed in Bitcoiners, the inability to "dumb things down". I remember when J.K.Rowling asked for someone to explain Bitcoin to her... omg the convoulted, tricky explanations that came out!! lol
🍕 Imagine you're at a pizza party with your friends. Now, you've got this giant pizza, but every few years, someone sneaks in and cuts the slices in half when no one's looking. So, even though the pizza's still the same size, you're getting less pizza per slice! That's basically what happens with Bitcoin halving: the reward for mining new Bitcoins gets cut in half, making them more rare and valuable, just like those mini slices of pizza!
Idk if it's the simplest way but gosh I'm hungry!
YOU: THE PRIZE 🏆 GETS CUT IN HALF EVERY FOUR YEARS.
THEM: WHY?
YOU: BECAUSE! GO DYOR
YOU: READ 21 LESSONS
YOU: READ BITCOIN STANDARD
YOU: REACH OUT WITH QUESTIONS 😘
Even though Bitcoin's supply is scarce and set to 21million, none of it was available to anybody when it began...so the problem (and question) was, how do we get bitcoin to the world? The answer was allow people to "mine" for it to solve puzzles to find a block which in returns a bitcoin reward (issuance) if you successfully solved it first. At first these rewards were high for every block, in fact so high that a majority of the 21million is already issued within first 15years of bitcoin's life...but after every 4yearperiodl there's a halving, where these rewards to puzzle solvers get cut in half. Basically next week itll be roughly twice as hard (or more) to get newly issued bitcoin via mining.
New bitcoin is made every 10 minutes. Every 4 years half as much is produced. It started at 50 bitcoin every 10 minutes and now it's going to be 3.125
first good answer
Originally 50 new bitcoins were born per block but every ~4 years (210k ~10min blocks) that number is reduced by half
This is the fourth halving so
50/2=25
25/2=12.5
12.5/2=6.25
6.25/2=3.125
There will be 3.125 new bitcoins every ~10 minute block from now until it becomes 1.625 in 2028, and so on
It gets harder and harder to mine fewer and fewer new bitcoins, and yet, it goes on
TLDR stack sats and/or gfy
You get four glasses of wine from a bottle of wine, but every four years, the portion size gets smaller. So instead of four glasses of wine, you get two glasses. Then four years later, you only get one. Then four years later, you get a half of a glass.
For normies: "Bitcoin becomes even harder to mine."
the answers here are WAY to hard for normies.
Just say that every ten minutes a miner earns a reward for mining a block. That reward gets cut in half roughtly every four years, and the next "halving" is tonight.
BOOM
inflation rate of bitcoin is cut in half
Every 4 years the issuance of #Bitcoin is cut in half.
