The third Bitcoin halving completed on May 11, 2020, at approximately 3:21 p.m EST according to the News publication of Bitcoin.com.
Report from Bitcoin.com also outlines that Bitcoin with its third halving reduced the supply of the cryptocurrency, while cutting the bonus paid to miners for solving mathematical puzzles that underpin the network by 50% to 6.25 BTC per block that 30% of Bitcoin miners close shop as business turns unprofitable after halving.
Bitcoin had its benchmark in history when it was first officially launched on January 3, 2009 as world’s global digital currency, often known as cryptocurrency; The decentralized digital currency without any single administrator. It can be sent across from one user to the other on the peer-to-peer bitcoin network without the need for intermediaries.
In the history the price of Bitcoin has gone into the cycles of variations and it is often referred by some marketers as bubbles and busts.
Well the question is what is Bitcoin halving?
Bitcoin halving is an event that occurs in every four years of Bitcoin history where the number of Bitcoins in a block, which began at 50, is halved, and the number of maximum allowable Bitcoins is slightly less than 21 million. Thus, accordingly the Bitcoin halving occurs every 210,000 blocks, which equates to a halving occurring approximately every 4 years.
It is estimated that the maximum number of Bitcoins which are capped to 21 million will be reached around 2140. In the history of Bitcoin (starting from 2009) it’s halving has occurred twice before. First in 2012 where the reward per block dropped from 50 to 25 bitcoins and in 2016 the reward per block dropped from 25 to 12.5 bitcoins. And now, on 11th May 2020, Bitcoin halving reward per block dropped from 12.5 to 6.25.
It is well to be noted that Bitcoin halving was one of the top 10 searched topics according to Google Trends in the United States as on Monday, 11th May 2020 with a search query reaching over 100K+ searches.
Google Trends analyses the popularity of top search queries in Google. It also gives the report on the top trending topic on daily basis across various regions and languages. As Bitcoin halving topic was trending over the internet in the United States, it gives us the insight of what is going on across the nation. It outlines what people are searching for. Bitcoin halving trending topic shows the current interest of people.