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Bitcoin Halving UPSC NOTE

 What is Bitcoin Halving

  • Bitcoin halving refers to the 50% reduction in the reward paid to Bitcoin miners who successfully process other people’s cryptocurrency transactions so that they can be added to the public digital ledger known as the blockchain

  • In order to “grow” Bitcoin’s blockchain and keep the ecosystem running, Bitcoin miners rely on advanced computer equipment to solve a complex mathematical puzzle through a process known as ‘Proof of work.’ 

  • This intense activity is the reason Bitcoin transactions result in huge carbon footprints and require vast amount of electricity

  • No real mining is carried out.

  • The Bitcoin miners with cutting-edge computer equipment, working on an industrial scale, are most likely to solve the puzzle first and claim their prize, which is currently set at 6.25 Bitcoin (BTC). 

  • While the reward amount is set, the true value of this prize fluctuates based on BTC prices in the market, and when the owner chooses to sell.

  • Think of a group of grocery store cashiers who are in a contest to each bill the same set of items, with the person doing it first (and accurately) getting a prize of ten gold coins at the end. 

  • The cashiers can use their favourite tools in order to bill the items and process the payment.

  • While one might prefer to tally up the total with paper and pencil, another might decide to use their smartphone calculator, while someone else buys a state-of-the art computer system attached to a price scanner. 

  • The person most likely to win in this case is the cashier with the most advanced equipment, but the others stand a chance of winning as well.

  • This is largely a positive system for everyone: the customers’ items are efficiently billed and all the cashiers do their job well because they want to claim the prize.

  • That depends on the price of gold in the market, and the cost of the equipment that the cashiers bought in order to win the gold coins

  • This is one way to understand Bitcoin halving.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Bitcoin Halving UPSC NOTE
Bitcoin Halving UPSC NOTE
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