BITCOIN HALVING COUNTDOWN
What is Bitcoin Halving
New bitcoins are issued by the Bitcoin network every 10 minutes.
For the first four years of Bitcoin’s existence, the amount of new bitcoins issued every 10 minutes was 50. Every four years, this number is cut in half. The day the amount halves is called a “halving” or “halvening”.
- In the 2012 halving, the amount of new bitcoins (BTC) issued every 10 minutes dropped from 50 bitcoins to 25.
- In 2016, it dropped from 25 BTC to 12.5 BTC.
- In the most recent May 11, 2020 halving, the reward dropped from 12.5 to 6.25 BTC per block.
In the 2024 halving, the reward will drop from 6.25 BTC per block to 3.125 BTC.
What is the Significance of the Bitcoin Block Halving?
The halving decreases the amount of new bitcoins generated per block. This means the supply of new bitcoins is lower, making buying more expensive.
In normal markets, lower supply with steady demand usually leads to higher prices. Since the halving reduces the supply of new bitcoins, and demand usually remains steady, the halving has usually preceded some of Bitcoin’s largest runs.
Bitcoin Halving Dates History
This section will take a look at the previous three halvings.
2012 Halving
The 2012 block halving was the first halving and happened on November 28th, 2012. The halving block was mined by SlushPool by someone using a Radeon HD 5800 miner.
- New BTC Per Block Before: 50 BTC per block
- New BTC Per Block After: 25 BTC per block
- Price on Halving Day: $12.35
- Price 150 Days Later: $127.00
2016 Halving
The 2016 halving was Bitcoin’s second halving and occurred on July 9th, 2016.
- New BTC Per Block Before: 25 BTC per block
- New BTC Per Block After: 12.5 BTC per block
- Price on Halving Day: $650.63
- Price 150 Days Later: $758.81
2020 Halving
The 2020 halving was the third halving occurred on May 11, 2020.
- New BTC Per Block Before: 12.5 BTC per block
- New BTC Per Block After: 6.25 BTC per block
- Price on Halving Day: $8821.42
- Price 150 Days Later: $10,943.00
When Will All 21 Million Bitcoins be Mined?
All 21 million bitcoins (BTC) will be mined by 2140. But more than 98% will be mined by 2030.
- Credit - Buybitcoinworldwide
