Many of you may not know that Bitcoin's mining rewards are halved every 3 to 4 years, let me shed some light on this for you.
What Is Halving In Literal Terms
The definition of halving is to divide equally among equal parts. If you cut an apple in half and then cut those halves in half you have 4 equal portions.
The Same Happens With Bitcoin
Every 2010 blocks bitcoin's mining reward is divided by 2.
Many people are confused by this and don't take the time to learn what it means, today I will try to explain to you all this process in simple terms.
The Reward System
The first rewards for mining Bitcoin was on January 3rd 2009, when Satoshi first start mining the Bitcoins, the block reward was 50 bitcoins + transaction fees at the time.
This means for every 1 block "mined" the miners would receive 50 Bitcoins as a reward.
Bitcoin Halves
On November 28th, 2012, Bitcoin's mining rewards halved from 50 Bitcoins per Block to 25 Bitcoins per Block.
The last block to be rewarded 50 Bitcoins was Block #2009999 at roughly 3PM global time.
It took 3 years and 10 months for the first halving to occur. About every 3-4 years Bitcoin will continue to halve.
Going from 50, 25, 12.5, etc. It will keep halving until all 21 million bitcoins mined.
Current Bitcoin Statistics
The next halving is said to happen on the 12th of June, 2020.
79.52% of the total Bitcoins have been mined as of now.
What Happens When All 21 Million Bitcoins are mined?
Once miners have unlocked this many Bitcoins, the planet's supply will essentially be tapped out, unless Bitcoin's protocol is changed to allow for a larger supply.
It may seem that the group of individuals most directly effected by the limit of the Bitcoin supply will be the Bitcoin miners themselves.
There will be no more block rewards, every single miner will have to rely on transaction fees to continue operating!
Hope You Better Understand
We are in a very complicated yet interesting Cyber World!
Individuals must take the time to teach the masses about this amazing currency of the future.
What do you think? What will Bitcoin be worth at the next halving?
Also: What do you think of this wallpaper I made?
Who is @Chron?
is a 16 year old robot-headed Steemer, currently based in Bali, Indonesia.
is a 16 year old robot-headed Steemer, currently based in Bali, Indonesia.I am currently working in association with 
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