What is the Bitcoin Halving (Halvening)?
New bitcoins are issued by the Bitcoin network every 10 minutes. For the first four years of Bitcoin's existence, the number of new bitcoins issued every 10 minutes was 50. Every four years, this number is cut in half.
In 2012, the number of new bitcoins issued every 10 minutes dropped from 50 bitcoins to 25. In 2016, it dropped from 25 to 12.5. In the most recent May 11, 2020 halving, the reward dropped from 12.5 to 6.25 BTC per block.
In the upcoming 2024 halving, the reward will drop from 6.25 BTC per block to 3.125 BTC.
Bitcoin Halving Dates History
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 second halving 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 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
Current Bitcoin Block Subsidy
The current Bitcoin block subsidy is 6.25 bitcoins per block. When block 840,000 is hit in 2024, the subsidy will drop to 3.125 bitcoins (BTC) per block.
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The next bitcoin halving is less than two years, to me, this period will be different because, for the first time, I really am paying attention to important aspects of btc and keeping myself updated as well.
I can't really say much about previous halving other than just reading about them (probably because I was not holding btc) but now is different because I have been accumulating in every little way I can.
So dear colleagues, What are your expectations? other than price increase
*Do you expect to see widespread adoption and acceptance?
*More involvement from big companies?
*More popular?
*Increase number of users?
*Any other.......
So far the behavior of bitcoin price has been pretty comparable to right after the halving in every halving. IMO the predictions are pretty much the same. The precentage of price increase will keep around the 10 to 15% after the halving, but we never know. We may see like a huge price increase before the halving as we may see it going down due to the increasing regulation pressure.