Bitcoin illustration. Alex Belman/The National
The previous two halving events from 2012 and 2016, lowered the block reward to, respectively, 25 BTC and 12.5 BTC. The upcoming third halving event will further lower the block reward to 6.5 BTC. Below is live coverage of the BTC historical milestone.
In the end, the bitcoin halving event is expected, by many, to bring more people into the cryptocurrency space – be it by making mining more accessible or by driving popularity with a market rally.
Since mining revenue has basically just dropped by 50%, the mining industry will have to innovate to cope with the new economic landscape of the bitcoin ecosystem.
Since now only 6.25 BTC will be minted around every 10 minutes, BTC’s prices is expected to react. The two previous halving events both saw an uptrend form.
5 blocks have already been mined with the new 6.25 BTC reward. It is still highly unpredictable how the mining industry will react to this halving event.
Since bitcoin will stop minted produced in 2140, that means that another 30 halving events await us (one every 4 years).
Block height 630,000 has finally been reached, meaning miners will now receive 6.25 BTC reward instead of 12.5. The block was mined by AntPool about 10 minutes ago.
In about 30 minutes, the third-ever bitcoin block reward halving will become history.
6 blocks to go. That means that in just an hour, the bitcoin block reward will be halved to 6.25 BTC.
The block reward halving event is a big deal because it strongly disrupts the mining industry, which subsequently affects the entire crypto space.
It has been about 28 minutes since the last block was found (9 to go) and it seems the mining pools are struggling with the proof-of-work puzzle, that is, randomness is not on their side for this one.
With just 12 blocks left, we are very close to that final 10 blocks countdown.
It is not clear whether the previous halving events themselves triggered price rallies, or if the price rallies happened predominantly for other reasons. It seems that halving events and their making BTC more scarce possibly has a strong psychological effect on investors.
5 blocks found in 30 minutes takes us very close to block reward halving. Only 15 to go.
The mining pool of BTC.com finds block number 629,980. Only 20 blocks stand between now and the block reward halving, or about three hours and a half.
After the price peak following both previous halving events, there was a sudden and severe drop in BTC price.
The official Bitcoin Twitter account writes: “If the halving is uneventful, that means it worked as design.”
AntPool has mined block number 629,975, bringing us even closer to the block reward halving.
Following both previous halving events there was a price rally that peaked, respectively, 4 months and 6 months after the halving itself took place.
Unlike the first halving, after the second halving, mining profitability did not recover in the 6-month period following the event. It stayed stagnant, dancing around $0.7 per 1 TH/s.
We are now only 30 blocks away from block height 630,000 and we have the F2Pool mining pool to thank for that. In terms of time, approximately 5 hours stand between now and halving.
Right after the second halving, bitcoin network hash rate dropped a bit, like it did after the first halving. But it then recovered quickly to continue steadily growing. Starting at 1,581 PH/s on halving day, it reached a peak of 2,666 PH/s 6 months later.
BTC.com is the pool that mined block number 629,967, setting the countdown timer down to 5 hours and 30 minutes.
Leading up to the second halving, bitcoin experienced a sudden price surge. This was probably due to people preparing for the event, expecting BTC’s price to rise like it did after the first halving.
34 blocks before the target 630,000, we have aproximately 5 hours and 40 minutes remaining, that is if each block is found every 10 minutes.
In the second halving in 2016, BTC price increased by 73% just six months after the event – form $650 (July 9) to $1,129 (January 4, 2017).
In the first halving, mining profitability dropped instantly after the event, to about $1,500 per 1 TH/s, but quickly recovered as the price rally started to unfold. Profitability reached $13,352 per 1 TH/s at its peak in April, 4 months after the halving.
Block number 629,965 was found by the ViaBTC mining pool. This takes us one step closer to the third halving event as less than 6 hours remain.
In the 2012 halving, network hash rate went down from 29 TH/s to 21 TH/s, reacting almost instantly to the event. However, it quickly started recovering to reach a peak of 106 TH/s 6 months later.
The 2012 halving saw BTC’s price jump 2,400% – from $5.14 (6 months before halving) to $129 (6 months after halving). At its peak, which was reached 4 months after the halving, BTC was $230 a piece.
The previous two halving events caused only a small dip in network hash power, which quickly subsided to steady growth.
Exactly 210,000 blocks from November 28, 2012, the second BTC block reward halving event took turn. The reward was this time lowered to the current 12.5 BTC. Some speculate that it was this event that set off the greatest bull run in crypto history – the one in 2017.
On November 28, 2012, the bitcoin community braced for the first-ever BTC block reward halving. The reward dropped from 50 BTC to 25 BTC, forcing innovation in the mining sector.
The previous two halving events both resulted in an uptrend forming, respectively, a month and a half and two months after halving itself. This uptrend then pushed BTC price, in both cases, to all-time highs. Will it happen again?
After a Sunday sell off, bitcoin’s price is recovering slowly as the market speculates on the effects of the halving event.
Sitting at block 629,960, bitcoin halving is just 40 blocks away, or about 6 and a half hours.
Preparing for the halving event, the crypto market has taken a sudden downturn after a few days of steady growth.
In 42 blocks, bitcoin’s block reward will be halved from 12.5 BTC to 6.25 BTC. In terms of time, it would take approximately 7 hours for block height to reach 630,000.