What exactly is the having?
What exactly is the having? I’m embarrassed to say that I don’t really understand what it is or why everyone cares so much about it; can you explain? Also is it having or halvening and how is it related to halva which is a great Greek delicious dessert made of sesame seed paste and honey? lots of very very critical questions there no it has nothing to do with halva .
The havening is an event that occurs every 210 thousand blocks on the Bitcoin blockchain and it is the event that is responsible for both the fixed issuance of Bitcoin that will never reach 21 million coins but also for the geometrically decreasing issuance of Bitcoin. This phenomenon the drives the inflationary money supplied down and is one of the very interesting economic algorithms that was introduced by Satoshi Nakamoto from the very inception of Bitcoin.
Now to a lot of people that having seems to occur once every four years that’s what we usually say when we talk about the halving but it’s important to realize that Bitcoin doesn’t actually have a clock, bitcoin is a clock, it contains time stamping and timekeeping mechanism which is the blockchain and that mechanism the blockchain is calibrated so the blocks are issued every ten minutes and that calibration happens every two thousand sixteen blocks.
So the halving is actually measured in blocks not minutes or seconds or hours or years and having happens every two hundred and ten thousand blocks and will happen at block 629 thousand six hundred and twenty 9999 is the last block that will have 12.5 Bitcoin in its block subsidy which is part of the reward that miners get in addition to fees transaction fees for mining and securing the Bitcoin blockchain as that block gets mine the last block with 12 and a half.
The very next block is anticipated by everyone and part of the consensus rules must contain no more than 6.25 Bitcoin in it and that is the happening this process started with the very first block the genesis walk which contained 50 new Bitcoin and since then has included 50 Bitcoin for the first two hundred and ten thousand blocks, then 25 Bitcoin after the halving in the year 2012 up to 2016 when it went down from 25 to 12 and a half Bitcoin which is the current block subsidy and in just about ten days from now it will reach block six to nine nine nine nine and the reward will drop to six and a quarter Bitcoin and that is the halving in a nutshell.
