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Event Description
Halving – a look behind the scenes – what is it, why is it happening & what are the potential impacts on price, traders and miners?
Bitcoin uses a computational algorithm (Proof-of-Work) which is solved by so called “miners”, ensuring the security of its blockchain e.g. by verifying transactions and preventing double spending. As a reward for their work, miners are compensated with the transaction fees and a predetermined number of newly created coins (Coinbase reward). This reward is reduced on a regular interval so that the total number of coins produced meets the fixed supply of 21 mil over time. At the so called ‚halving’ event the block reward for the miners will be cut by half after a regular amount of blocks (every 210,000 blocks). This process is defined in the Bitcoin protocol. Currently, Bitcoin miners receive 12.5 BTC block reward each time they successfully mine a block. After the upcoming halving (currently expected at ~ May 12th, 2020) they will instead earn just 6.25 BTC. In this session we will have a closer look at what the halving event actually is, why it is happening and what the impacts are for the miners & traders and what the potential impacts could be on the price of Bitcoin. Therefore, we will have a look on the history of the first 2 halvings and the effects they had e.g. on the hash rate & the transaction fees. Furthermore, we will have a look at a very famous price prediction model (Stock-to-Flow model) for a possible future Bitcoin price and we will provide some famous opinions and price predictions from several cryptocurrency experts. We will also look at possible effects of a halving event for other cryptocurrencies that will go through this process shortly before Bitcoin (Bitcoin Cash) or one that already had a halving event in August 2019 (Litecoin). Please join us for this very interesting session – just a few weeks bevor the actual event will happen – providing a close look behind the scenes of a halving event and it’s definite as well as its potential impacts!