**Bitcoin Halving: A Historical Milestone**
Bitcoin (BTC), the largest cryptocurrency by market value, experienced its first-ever halving 11 years ago today. As the community celebrates the anniversary of the first Bitcoin halving, it’s timely to revisit some of Bitcoin’s historical milestones ahead of the next halving expected in April 2024.
**The Genesis of Bitcoin**
The first Bitcoin transaction occurred nearly 15 years ago on January 3, 2009, a few months after the pseudonymous creator of Bitcoin, Satoshi Nakamoto, published the Bitcoin white paper in October 2008.
**The First Halving Event**
On November 28, 2012, or three years and ten months after Bitcoin’s initial block was mined, the first-ever halving event took place. At the time, BTC traded at just around $12, according to data from StatMuse.
**The Mechanism of Halving**
Though Bitcoin halving — as well as the digital currency’s 21 million supply cap — is not directly described in Nakamoto’s white paper, the document hints at certain mechanisms to control the creation of new BTC. The halving aspect is mentioned in the Bitcoin source code, specifically available on the Bitcoin Core GitHub repository on the validation.cpp file, indicating that the miner’s block subsidy is “cut in half every 210,000 blocks, which will occur every four years.”
The anniversary of the first Bitcoin halving comes as the cryptocurrency community awaits the fourth Bitcoin halving, which is now expected to occur on April 17, 2024. Many Bitcoin advocates are especially bullish on the Bitcoin price in 2024 amid growing expectations that United States securities regulators could finally approve a spot Bitcoin exchange-traded fund.
**The Impact of Halvings**
As Bitcoin halvings significantly increase the cryptocurrency’s scarcity, the Bitcoin price cycle has been historically impacted by halvings. Just a year after its first-ever halving, Bitcoin had risen to nearly $1,000, while the second halving triggered a 350% surge during the year after the event, with BTC subsequently rallying to all-time highs of nearly $20,000 in December 2017.
In the aftermath of the third Bitcoin halving, BTC surged as high as $69,000 in November 2021.
**Looking Ahead**
The 2024 halving won’t be the last one, though. Bitcoin miner reward is expected to be halved 34 times until it reaches 0 BTC after all 21 million Bitcoin are mined. Based on the current schedule, the maximum supply of 21 million bitcoins will be reached around 2140.
The anniversary of Bitcoin’s first halving is not only a time for reflection but also a looking forward to the future. With each halving, the cryptocurrency’s scarcity increases and its price history is a testament to the impact of these significant events. As we anticipate the upcoming 2024 halving, the excitement and anticipation continue to grow within the cryptocurrency community.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
