The Bitcoin Halving – What Do I Need To Do?
With the upcoming Bitcoin halving, a lot of people are wondering if they need to undertake concrete action to ensure their software is up-to-date. As long as one is running the latest version of Bitcoin Core – or a mobile client – there is nothing to worry about. While this change does take place on the source code side of things, there is still plenty of time to update clients if needed.
NO ACTION REQUIRED ON BEHALF OF THE USERS
There is a lot of excitement regarding the upcoming Bitcoin halving, as it will have a significant effect on the future of this popular cryptocurrency. Satoshi Nakamoto, who originally created Bitcoin, built in specific points in time during which the Bitcoin block reward would be cut in half.
Ever since that time, the Bitcoin Core developers have been working on the source code of this cryptocurrency to ensure future halvings would go smoothly. In fact, there is no need to do anything as a Bitcoin user or miner, other than making use the latest version of the client has been installed.
Other than that, there is nothing individual users need to do. For those Bitcoin enthusiasts who make use of a mobile client, they may want to ensure their version is up-to-date as well. While this will be the case for most types of software in existence today, it is always a good idea to perform a thorough check to make sure.
Very little will change for Bitcoin users themselves when the Bitcoin halving takes place in a few weeks from now. A reduction in block reward will not have a significant impact on the network or protocol itself, which is also why there is no need for users to do anything significant to ensure they can partake in this historic event.
But there is one thing cryptocurrency enthusiasts can do in the meantime: spread the word about the upcoming Bitcoin halving in general. Spreading the word on this monumental event in Bitcoin history is important, and people need to be made aware of the fact there is no action required on their end when this takes place.
Source: TheMerkle
Can anyone give me an ELI5 explanation of what "halving" is?
But what do we need to do if we want to profit from the halving?