Bitcoin halving has garnered a lot of interest around the world and the latter is evident in the spike in Google searches for the term. Compared to December 2019, the number of searches has more than doubled. In line with that, there are high expectations that the halving could potentially spike the leading cryptocurrency’s price to heights not seen after December 2017.
Bitcoin Halving Garners Interest
“Bitcoin halving”, that’s a search term that is no longer news to crypto enthusiasts. Moreso, those with little knowledge about the space have shown an interest to know what it means. The latter was pointed out in Arcane Research’s report, which states that the search for Bitcoin halving has surged significantly in January 2020. Moreover, this surge has reached levels not seen in the whole of 2019.
A quick look at Google Trends for the search term shows that its “Interest over time” for the past 90 days, was at 51 as of January 25, 2020. It is, however, a decline from 100, on January 14, 2020. Usually, a search term’s popularity is measured between 1 to 100. Contrastingly, searches for “Bitcoin halving” was around 29 – 45 in December 2019.
Division of Block Rewards to Miners
On the other hand, Bitcoin halving is a process that divides or halves the block reward issued to miners for solving transaction data to be added to the Bitcoin blockchain. When the asset was launched in 2009, the block reward was 50 BTC. The current reward is 12.5 BTC per block, and as such, the next halving will cause only 6.25 coins to be issued per block mined.
Now, Bitcoin halving occurs every four years, and as such, the next one has been slated for May 12, 2020. A site dedicated to countdown to the date shows that there are 103 days to go before the halving.
Bitcoin’s Price Surge After Each Halving
Interestingly, each time the halving occurs, Bitcoin’s price has increased exponentially. An instance is the case of 2016 when the last halving took place. The leading cryptocurrency which was valued between $400 to $700 before the halving, spiked to its all-time high of $20,000 by December 2017.
While some may be quick to point out that the surge was only a coincidence, the same performance was evident in the first halving on November 28, 2012. At the time, the top cryptocurrency was valued around $11, however, its price hit $1,100 by December 2013. Asides from these historical performances, analysts have tied the possibility for Bitcoin to surge to the concept of supply and demand.