The upcoming bitcoin halving is approaching soon. This event will cut in half the rewards that miners get for adding a new block to the network’s blockchain. But what does this really signify? Blockworks provides an analysis of the technical aspects of the halving event. The bitcoin network uses a decentralized ledger called a blockchain, which is managed by a group of computer nodes. These nodes are created to authenticate and approve the legitimacy of every transaction on the network. A larger number of computer nodes typically leads to increased stability and security of the network. Bitnode reports that there are currently 223,454 nodes operating on the bitcoin network. To run a node, individuals must possess sufficient computer storage to download the entire blockchain of the network. This document contains all transactions that have been carried out since Bitcoin was first established in January 2009. As the blockchain expands, the demand for storage also increases. The bitcoin blockchain size had exceeded 551 gigabytes at the time the article was published. Find out more about the upcoming bitcoin halving event.