Introduction

As we approach the conclusion of the third epoch, the countdown to the next Bitcoin halving is firmly underway. The halving (also known as the “Halvening”) is one of the most important and innovative features of Bitcoin. Every 10 minutes, the Bitcoin network issues new bitcoin and approximately every four years (every 210,000 blocks, to be precise) the amount issued (the “block subsidy”) is cut in half. The block subsidy is the reward miners receive for validating and recording new transactions on the blockchain.

The halving of the block subsidy is a critical factor in bitcoin’s eventual capped supply of 21 million bitcoin. In addition, miners also collect…

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