VBit Crypto Mining Glossary


HALVING – The amount of Bitcoin that gets created every 10 minutes through block rewards gets cut in half every four years. This is known as the Bitcoin Halving. It is an important catalyst that spurs significant growth in Bitcoin’s price (it guarantees legitimate scarcity and scarcity enhances value). The next Halving will take place in May 2020. This is when the current block reward of 12.5 Bitcoin every 10 minutes will be cut in half to 6.25 Bitcoin.

HARD FORK– This is a radical change in a blockchain protocol that makes previously invalid blocks and transactions valid, or vice-versa. This creates a permanent diversion from the original chain and two separate forks exist.

HASH FUNCTION -A hash function is any function that can be used to map data of arbitrary size to fixed-size values. Hash functions are critical for compiling transactions into a block.

HASH – This describes the act of performing a hash function on the output data. This is used for confirming coin transactions.

HASH RATE (HASH POWER) – The hash rate of a mining rig is the speed at which it performs hashes. The higher the hash rate, the more powerful a mining rig is.

HODL – This is a term that generally refers to holding cryptocurrency instead of selling.

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