Halving is the network event that take place every four years on the Bitcoin network, a peer-to-peer version of electronic cash that is not issued or control by any central authoritative agency like central bank. Bitcoin is managed by a decentralized code based network with all transactions logged in a public ledger called the blockchain which records every Bitcoin transactions since the launch of the system and every bitcoin wallet has a copy.
Bitcoin mining is a process how new Bitcoins are released into circulation by rewarding miners for their work in using specialized computers in processing and verifying Bitcoin transactions. The Bitcoin block mining reward halves every 210,000 blocks (4 years), approximately 09 Jul 2016 7PM the Bitcoin reward will decrease from 25 to 12.5 coins.
The upcoming reduction in Bitcoin production could pushed the price of bitcoin higher, where the anticipation of the rare network event already saw the price of bitcoin broke $800 per 1 Bitcoin to hit a 2 year high.
Some Facts About Bitcoin
Total Bitcoins in circulation: 15,747,125
Total Bitcoins to ever be produced: 21,000,000
Percentage of total Bitcoins mined: 74.99%
Total Bitcoins left to mine: 5,252,875
Total Bitcoins left to mine until next blockhalving: 2,875
Bitcoin price (USD): $654.45 / 219,240.8 Naira
Market capitalization (USD): $10,402,078,361.25
Bitcoins generated per day: 3,600
Go to blockchain.info to create your own bitcoin electronic wallet for receiving and sending bitcoin in Nigeria and anywhere in the world.
To buy or sell bitcoin in Nigeria, visit nairaex.com