Block Reward Halving Successful
There’s been a lot of chatter lately about the block reward halving and the effect it will have on nearly every aspect of Bitcoin. The halving mechanism is a very important part of Bitcoin’s functionality, ensuring that over time the inflation rate decreases to zero and creating the hard cap of 21 million bitcoins that we can never exceed. I’m sure it comes as no surprise to anyone involved that it’s officially gone off without a hitch, but there are still questions to explore.
Block 210,000, containing 457 transactions totaling ~25,421.7 BTC (and a whopping ~13.56 BTC in transaction fees) has officially been mined and the reward for mining it was successfully reduced from 50 BTC to 25 BTC. Congratulations Bitcoin and congratulations to Slush’s pool on their historic block!