Finally, the highly-anticipated third-ever May 2020 Bitcoin halving event has just taken place as the 630,000th block has been successfully mined by miners. The May 2020 Bitcoin halving event has been the topic of discussion in the crypto community for the past few months. In the recent few weeks, the keyword “Bitcoin halving” was trending on Google searches with a significant rise of 37%. People have waited for a way too long to see this event happen. And now this much-awaited event has finally completed.
Block reward finally cuts down from 12.5 BTC to 6.25 BTC
The most interesting thing about the third-ever Bitcoin halving event that gained the attention of the crypto community was that the block reward was going to get reduced into half. Now with the execution of the halving event, the block reward of miners has cut down from 12.5 BTC to 6.25 BTC. So from this moment onward, miners will get 6.25 BTC as their block reward on each block they mine and they will continue to receive this block reward at least for the next four years. However, no one is sure about the fact of whether mining will be profitable for miners in the coming days or not.
Bitcoin is the main subject of attention now
Crypto community was eagerly waiting to see this event happen as they had attached a lot of expectations with the halving event. In the recent few months, we have seen several speculations and predictions regarding the third Bitcoin halving event from crypto analysts who expected Bitcoin price to turn highly bullish after halving.
As the halving event has completed, the leading digital asset Bitcoin has now become the major subject of attention of the crypto community and analysts. They would be expecting Bitcoin price to start a massive bullish rally in the near-term. But there is also a possibility of bitcoin price plunging down. As of now, the top crypto coin is standing at $8,646.51.