In 2020, the bitcoin halving took place after 4 years like always. On 11th May 2020 at about 8:23 pm as per the GMT, the 4th bitcoin halving took place. The 630,000th bitcoin block was mined, and the miners were rewarded with 6.25 bitcoins whereas in the past halving in fact in all of the past halving there has been a reward for 12.5 bitcoins to the miners. It has remained the same value for the past 3 years, only this year was an exception.
The bitcoin halving of 2020 has been covered by the crypto and you can trade bitcoins, which you must have also heard in the social media as well as twitter. The media has covered this event largely this year and more intricately than ever. The bitcoin halving is described in some good ways and some bad ways, but most interesting is that some factors related to the bitcoins are factually true and some are spiritually true.
Bitcoins have struggled a lot to get to this position where they have been seen as a positive asset both factually and spiritually. It has been a difficult journey for the bitcoins as they do not have any physical existence in the financial world. There have been many of the factually details that have been flashed by the media somewhat like the miners can secure their network by wasting some electricity by solving some of the very casual useless mathematical games or puzzles. It is said that whoever is able to solve the games, or the puzzles gets a reward and rest all the players are declined. The result could also lead to the contraction of the supply of the bitcoins to the market, and as a good effect of this, the price of the bitcoins goes higher and makes it difficult for the investors to agree for the price of it and invest on it.
This bit of information that has been given above may be important factually but not spiritually. Spirituality in halving is important because otherwise, you might fail to understand the importance of the bitcoin halving. It is important to understand spirituality, in order to understand the bitcoin halving.
This halving was not only the mining of the 630,000th block of bitcoins. In fact, it is also a social event unlike many of the others that have happened anytime in history. The celebration of this bitcoin was much grand than the normal times, normally the success is celebrated in barbecues and beaches but this time the celebration widely over the digital platform, from YouTube, Zoom to Twitter majorly and some of the small celebrations were done through other such social media platforms.
According to many, having celebrated this halving indoors due to lockdown seemed to be a shame. Most of the people related to this halving been looking forwards to a social get together as soon as possible. Although for some, it was bliss in disguise because not everyone would anyway be able to go to New York any time randomly at least they can be live on YouTube, this facilitated everyone across the world to celebrate the bitcoin halving over internet from their own places.
Hence this year, instead of making trains, planes automobiles or other vehicles to beaches and various barbecues all they had to do was be live on YouTube from wherever they belong to. Hence this was the divert of the bitcoin to the spiritual togetherness from factual togetherness. So factually it can be interpreted that the even existed on the internet only if it means to be “in a place” like it was all over the world.
This spiritual togetherness cannot be denied and it cannot be overstated. The halving happened during the same time, that everyone else would follow, this way everyone would be online at the same time. The reference time of bitcoin the same as everybody else, and this includes the social media, and the reference software too. All you need is the proper internet connection which will help you to transfer, inspect, or join any party of your choice.