The Bitcoin halving took place yesterday, and people celebrated around the world. Block 420000 was successfully mined, signalling a decrease in the block reward from 25 bitcoins to 12.5, producing little change within the hashrate and price. The next halving will take place at block 630000, which should happen roughly in four years or less depending on the momentum of the hashrate going forward.
Also read: UK Gov’t is Trialling the Blockchain for Welfare Pensions
The Halving Happened, and Now We Wait
According to the bitcoin mining pool F2Pool, the group of miners that processed block 420000, a miner who goes by “zzhzz” mined the block. F2Pool says they awarded zzhhzz with a one bitcoin bonus for processing the block.
After this event, the cryptocurrency community showed a lot of excitement and throughout the day, many tweeting and shouting words of celebration.
The hashrate within the mining sector of the Bitcoin network didn’t really slow up, still running at 1,547,796,830 GH/s as of press time. Many believe that the recent bull rally has kept most miners in the industry safe from ROI losses.
Another reason the hashrate didn’t drop is that quite a bit of mining operations, most notably in China,