Coin of the Week – Bitcoin
- Post by: bag2q
- May 14, 2020
- Comments off
14 May 2020.
Our next coin of the week is Bitcoin.
The Bitcoin rate of supply was halved on the 11th of May 2020 and the price of 1 BTC has risen by 2.15% from last week to now.
- Volume of 10 Bitwise verified exchanges (last 24hrs): $2,590,998,188
- Transaction Volume (Adjusted 7 day average): $2.80 Billion
- Active Addresses (7 day average): 936.8K
The number one Cryptocurrency network has recently undergone a significant change. The 3rd Bitcoin Halving occurred on the 11th of May 2020 at block number 630,000. This event is significant for the network as the rate of bitcoin issuance has been slashed in half.
The Bitcoin inflation rate is now 1.8% after the halving, declining from 3.6%.
For the first time ever, Bitcoin’s inflation rate is now lower than the Global annual average.
What is the Bitcoin Halving?
As part of Bitcoin’s coin issuance, whenever a block is produced (~ every 10 minutes) a miner is rewarded with a certain amount of Bitcoins. This reward incentives miners to contribute to the bitcoin network infrastructure. Approximately every four years, or more accurately every 210,000 blocks, the block reward is halved. This is called the Bitcoin Halving.
For more information about the Bitcoin Halving and its implications read the Introduction to the Bitcoin Block Reward Halving on Kintaro Capital’s Blog.
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