Bitcoin Celebrates 11th Anniversary of First-Ever Halving

Bitcoin's Historical Milestones

Bitcoin (BTC), the largest cryptocurrency by market value, is celebrating the 11th anniversary of its first-ever halving. As the community looks forward to the next halving expected in April 2024, let's take a moment to revisit some of Bitcoin's historical milestones.

The Genesis of Bitcoin

The journey of Bitcoin began nearly 15 years ago on Jan. 3, 2009, when the first Bitcoin transaction occurred. This milestone came a few months after Satoshi Nakamoto, the pseudonymous creator of Bitcoin, published the Bitcoin white paper in October 2008.

The First Halving Event

On Nov. 28, 2012, the first-ever halving event took place, marking a significant moment in Bitcoin's history. At that time, BTC traded at around $12 per coin.

The Halving Mechanism

Although not directly described in the Bitcoin white paper, the halving aspect is mentioned in the Bitcoin source code. The code specifies that the miner's block subsidy is "cut in half every 210,000 blocks, which will occur every four years." This mechanism was programmed into the BTC mining algorithm to maintain scarcity and counteract inflation.

The Impact of Halvings on Bitcoin's Price

Bitcoin halvings have historically had a significant impact on the cryptocurrency's price cycle. Just a year after the first halving, Bitcoin soared to nearly $1,000. The second halving triggered a 350% surge in the year following the event, with Bitcoin reaching all-time highs of nearly $20,000 in December 2017. After the third halving, BTC surged as high as $69,000 in November 2021.

Looking Ahead: The Fourth Halving

The cryptocurrency community is eagerly awaiting the fourth Bitcoin halving, which is now expected to occur on April 17, 2024. Many Bitcoin advocates are optimistic about the Bitcoin price in 2024, especially with the growing expectations of a potential approval of a spot Bitcoin exchange-traded fund by U.S. securities regulators.

The Future of Bitcoin Halvings

The 2024 halving won't be the last one. The Bitcoin miner reward is expected to be halved 34 times until it reaches 0 BTC after all 21 million Bitcoin are mined. According to the current schedule, the maximum supply of 21 million bitcoins will be reached around 2140.