GLOSSARY OF TERMS

Halving

GLOSSARY OF TERMS

Halving GLOSSARY OF TERMS

Halving is a halving of the miner’s reward after every 210,000 block is mined in the blockchain system. The task of this mechanism is to control the emission of cryptocurrency and curb its inflation.

Miners compete to add the next block to the bitcoin chain network and calculate the required key. This activity brings users a reward in the form of bitcoins. Cutting coins in half ensures that the number (which can be mined with each block) will decrease, and this will make bitcoins more rare and valuable.

In the network, halving is programmatically scheduled: on average, six blocks are created per hour, so the halving of the award occurs every four years. Each new block is built in a chain with the previous ones and contains data on all transactions processed in a ten-minute period of time, including amounts, transaction hash and information about users’ wallets. Cryptocurrency emissions are limited, so if the trend continues, the last coin will be mined in 2040.

The halving mechanism is quite confusing. It might seem that the incentive for mining will drop after each reduction in the reward, but this is not entirely true. As practice shows, a decrease in the number of bitcoins often leads to a huge jump in the price of coins, and this again motivates users to mine. In such a situation, they need to mine as many blocks as possible, since the reward for them is halved.

If the bitcoin price does not increase, and the block reward is halved, miners will lose incentive for their activities. This is due to the fact that mining requires a lot of computing power and electricity, therefore it is an expensive process.

When the last scheduled halving occurs, miners will be rewarded with a commission from netizens (i.e. people who buy and sell bitcoins) to keep them interested in continuing to process transactions on the blockchain.

Have a question?

Contact the experts Have a question?

Personal data processing agreement

The user, filling out an application on the website https://avada-media.ua/ (hereinafter referred to as the Site), agrees to the terms of this Consent for the processing of personal data (hereinafter referred to as the Consent) in accordance with the Law of Ukraine “On the collection of personal data”. Acceptance of the offer of the Consent is the sending of an application from the Site or an order from the Operator by telephone of the Site.

The user gives his consent to the processing of his personal data with the following conditions:

1. This Consent is given to the processing of personal data both without and using automation tools.
2. Consent applies to the following information: name, phone, email.

3. Consent to the processing of personal data is given in order to provide the User with an answer to the application, further conclude and fulfill obligations under the contracts, provide customer support, inform about services that, in the opinion of the Operator, may be of interest to the User, conduct surveys and market research.

4. The User grants the Operator the right to carry out the following actions (operations) with personal data: collection, recording, systematization, accumulation, storage, clarification (updating, changing), use, depersonalization, blocking, deletion and destruction, transfer to third parties, with the consent of the subject of personal data and compliance with measures to protect personal data from unauthorized access.

5. Personal data is processed by the Operator until all necessary procedures are completed. Also, processing can be stopped at the request of the User by e-mail: info@avada-media.com.ua

6. The User confirms that by giving Consent, he acts freely, by his will and in his interest.

7. This Consent is valid indefinitely until the termination of the processing of personal data for the reasons specified in clause 5 of this document.

Join Us

Send CV

Contact us in any way convenient for you:

+ 38 (097) 179 96 63
Cookies
Please allow cookies to be more efficient with your site.