The first halving has taken place on the decentralized blockchain network #Helium ( #HNT) for Internet of Things ( #IoT) devices.
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As of today, the amount of HNT released monthly has decreased from 5 million to 2.5 million. Thus, the supply of new HNT was reduced by half. While the HNT price was flat after the halving, the price increase seen before was remarkable. The cryptocurrency rose 37 percent from $11 to $15 as the halving day approached.
In Helium, halvings are scheduled to take place every two years. The halving will continue until the maximum supply of HNT in the cryptocurrency is in circulation. Initially, the halving program was designed for a maximum supply of 240 million HNT, but due to slow block times, 43 million of the intended 60 million HNT were produced in the first year. Therefore, the maximum supply of HNT is expected to be 223 million HNT. Therefore, the halving will continue for 10 years.
As it is known, there is a halving mechanism in Bitcoin, and the block rewards are halved every four years. The last halving in Bitcoin took place on May 11, 2020, and the next will occur on March 27, 2024.