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.
Less Than 45 Blocks Left
The Market Reacts
Preparing for the halving event, the crypto market has taken a sudden downturn after a few days of steady growth.
40 Blocks & Counting
Sitting at block 629,960, bitcoin halving is just 40 blocks away, or about 6 and a half hours.
Current BTC Price Is Closing In On $9,000
After a Sunday sell off, bitcoin’s price is recovering slowly as the market speculates on the effects of the halving event.
BTC Price Surge To Follow Halving?
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?
The First Bitcoin Halving Event
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 Second Bitcoin Halving Event
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.
Interesting Halving Fact #1
The previous two halving events caused only a small dip in network hash power, which quickly subsided to steady growth.
Interesting Halving Fact #2
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.
Interesting Halving Fact #3
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.
35 Blocks Remaining
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.
Interesting Halving Fact #4
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.
Interesting Halving Fact #5
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).
At Block 629,966, There’s 5.6666 Hours Remaining
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.
Interesting Halving Fact #6
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.
33 Blocks To Go
BTC.com is the pool that mined block number 629,967, setting the countdown timer down to 5 hours and 30 minutes.
Interesting Halving Fact #7
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.
30 Blocks & Counting
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.
Interesting Halving Fact #8
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.
Interesting Halving Fact #9
Following both previous halving events there was a price rally that peaked, respectively, 4 months and 6 months after the halving itself took place.
Only 25 Blocks Remaining
AntPool has mined block number 629,975, bringing us even closer to the block reward halving.
The official Bitcoin Twitter account writes: “If the halving is uneventful, that means it worked as design.”
Interesting Halving Fact #10
After the price peak following both previous halving events, there was a sudden and severe drop in BTC price.
629,980 Down, 20 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.
15 Blocks To Halving
5 blocks found in 30 minutes takes us very close to block reward halving. Only 15 to go.
Halving & Price Rallies
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.
Approaching Number 10
With just 12 blocks left, we are very close to that final 10 blocks countdown.
30 Minutes & No New Blocks
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.
Why Is Halving A Big Deal?
The block reward halving event is a big deal because it strongly disrupts the mining industry, which subsequently affects the entire crypto space.
6 blocks to go. That means that in just an hour, the bitcoin block reward will be halved to 6.25 BTC.
3 Blocks To Go
In about 30 minutes, the third-ever bitcoin block reward halving will become history.
Bitcoin Block Reward Halved To 6.25 BTC
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.
Another 30 Halving Events
Since bitcoin will stop minted produced in 2140, that means that another 30 halving events await us (one every 4 years).
5 Blocks From The New Era
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 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.
What’s Next For The Mining Industry?
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.
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.