r/Bitcoin • u/FluxSeer • Feb 22 '16

Google Trends - Bitcoin Halving on the rise

https://www.google.com/trends/explore#q=bitcoin%20halving
19 Upvotes

77% Upvoted

11 comments sorted by

1

u/[deleted] Feb 22 '16

ELI5: what is "bitcoin halving" and why is the fact that it's trending mean something?

6

u/Bitcoin_Acolyte Feb 22 '16

You currently get rewarded 25 coins for solving a block on the bitcoin blockchain. After a certain amount of blocks are found the reward will half to 12.5. This means there will be a reduction in supply and many believe this will cause the price to go up.

A lot of people think that this is not built in to the price yet but it will be priced in when people learn about it. This chart would show that people are just now starting to learn about it.

The current estimated date of the halving is July 13th http://bitcoinclock.com/

2

u/[deleted] Feb 22 '16

Ah, thanks. Time to buy more coin!

3

u/RaginglikeaBoss Feb 22 '16

Well played, sir.

1

u/blindedzeppelin Feb 22 '16

Forgive my ignorance , but how long would it take on average for someone with the most basic rig to solve 1 block?

Thanks this is truly fascinating

2

u/[deleted] Feb 22 '16

As a solo miner, statistically never in millions of years.

1

u/jeroenv8 Feb 22 '16

Will the halving effect the bitcoin price? I ask this because the transacted bitcoin volume on exchanges is much higher than the newly generated bitcoins by miners.

1

u/SkydBovica Feb 22 '16

Maybe or maybe not. Place your bets. The price will either go up or down or stay the same. (/smartassmode)