Bitcoin production halving countdown, OKCoin data shows that the price of the currency is generally on an upward trend

According to the Bitcoin issuance rule: every 210,000 blocks are halved. The number of Bitcoins that have been mined so far is as shown in the figure below: 14,053,075 in total, that is, 352,123 blocks have been produced so far. There are 67,877 blocks left before the next halving, and there are less than two weeks left before the second Bitcoin block reward halving. Data from OKCoin, China's largest Bitcoin trading platform, shows that Bitcoin prices have generally shown an upward trend in the past month, affected by the upcoming halving.

Image courtesy of www.okcoin.cn

History tells us that every time the production of Bitcoin is halved, the value of Bitcoin will increase, provided that all other conditions remain unchanged. With the demand for Bitcoin increasing over the past five years, there is no reason why the demand for Bitcoin will drop significantly after the next halving. It may level off, or it may continue to grow.

Hu Zhibin, partner of Bitcoin trading platform OKCoin, said about the impact of halving Bitcoin production:

The halving of Bitcoin production is most directly reflected in the stimulation of Bitcoin prices. The subsequent upward trend attracted more speculative investors, indirectly promoting a new round of value increases in Bitcoin prices. In addition, the widespread dissemination of the news by the media attracted more people to understand Bitcoin, which helped to bring in new investors.

Users who have the opportunity to deeply understand the value of Bitcoin will effectively allocate assets and buy Bitcoin as an asset investment. At the same time, we have observed that enterprises have begun to pay attention to the application of blockchain technology based on Bitcoin, effectively promoting capital and intellectual investment in blockchain technology, and promoting blockchain technology innovation and application. As the underlying protocol technology of Bitcoin, the development of blockchain technology applications is also driving the maturity of Bitcoin.

For government regulation

On June 27, the 21st meeting of the 12th National People's Congress Standing Committee was held in Beijing. The meeting reviewed for the first time the explanation of the "Draft General Principles of the Civil Law of the People's Republic of China" proposed by the Chairman's Meeting of the Standing Committee of the National People's Congress. The draft of the General Principles of the Civil Law was officially released, and online virtual property and data information will officially become rights. This also means that digital currencies represented by Bitcoin, virtual currencies represented by online game coins, and data information represented by big data will be officially recognized as objects of civil rights. The government will look at digital currencies such as Bitcoin more rationally.

Impact on manufacturing

The halving of Bitcoin production will help raise Bitcoin prices and boost the development of the Bitcoin mining industry.

China is the world's largest manufacturer of Bitcoin mining machines, effectively boosting the economic indicators of Shenzhen's manufacturing industry.

In the field of chip manufacturing, the dedicated chips for Bitcoin mining machines are radical and bold. Currently, the process technology has been pushed to the 12nm level, promoting the advancement of chip manufacturing technology.