As a seasoned crypto investor who has witnessed the rise and fall of various digital currencies since their inception, I must say that the anniversary of Bitcoin’s first halving brings back memories. I still remember the day when Bitcoin was trading for just over $12 – little did we know the journey it would take us on. The halving event has always been a significant milestone, signaling the network’s maturity and the scarcity of the digital gold.
On November 28, 2012, Bitcoin experienced its initial halving at block number 210,000. This significant event reduced the reward for mining a block from 50 Bitcoins to 25 Bitcoins. The cryptocurrency ranking platform CoinGecko recently highlighted this occasion on their platform, as it marks the 12th anniversary of Bitcoin’s groundbreaking first halving event.
In simpler terms, a feature called the halving mechanism was integrated into Bitcoin’s code by its anonymous creator, Satoshi Nakamoto. This feature triggers an event every four years or approximately every 210,000 transactions. The purpose of this process is to gradually decrease the number of new Bitcoins that are created until a total of 21 million Bitcoins has been mined.
Twelve years ago today marked the first Bitcoin halving, when the block reward for mining dropped from 50 to 25 Bitcoins. The next halving event is projected for April 2028. Here’s to celebrating the halving anniversary with all of you!
— CoinGecko (@coingecko) November 28, 2024
As a crypto investor back in the early days, witnessing the first halving for Bitcoin was a significant turning point. At that time, the Bitcoin network was small and buzzing with a passionate community of early adopters and miners. On the day of its first halving, Bitcoin’s value hovered around $12.20. Initially, there were concerns about the potential effect on miner income due to the halving event. However, looking back now, it seems that this milestone played a crucial role in igniting Bitcoin’s price surge.
After the initial halving event, I observed a significant surge in Bitcoin’s value. By the close of 2013, it had breached the $1,000 mark.
The latest reduction in Bitcoin’s block rewards occurred on April 19, 2024, setting the current reward at 3.125 Bitcoins per block. This reduction occurs every four years, and the next one is scheduled for April 2028, which will decrease the reward to 1.5625 Bitcoins. The final reduction, marking the maximum supply of 21 million Bitcoins, is anticipated to happen in the year 2140.
Bitcoin price action
After a dip earlier this week, Bitcoin moved back up towards the $100,000 mark, reaching over $97,000 in yesterday’s trading period.
On Wednesday, the value of the digital asset saw its greatest increase in over two weeks, peaking at $97,386, but later dipping to $95,612 by the time of publication, having briefly reached an intraday high of $96,676 during early trading on Thursday.
On November 22, Bitcoin almost reached the significant milestone of $100,000, falling just short by around $300. However, in the subsequent days, its value dropped approximately $9,000. The peak was reached on Friday at $99,728, after which it decreased over a period of four days.
Bitcoin plunged as low as $90,682 on Tuesday before rebounding.
A portion of Bitcoin’s recent decrease this week can be attributed to investors cashing out their profits as the price neared a significant historical landmark, and also due to broader economic worries.
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2024-11-28 16:24