The 11Th Anniversary Of Bitcoin's First Halving Is Celebrated: A Journey From $12 To $37,000.

Today marks the 11th anniversary of Bitcoin's first halving, and since that date, the price of Bitcoin has experienced a remarkable journey, rising from $12 to $37,000.

The largest cryptocurrency, Bitcoin, experienced its first halving 11 years ago today. As the crypto community celebrates this significant event, it's time to reflect on the historical milestones of Bitcoin, leading up to the next anticipated halving in April 2024.

Bitcoin's first transaction occurred approximately 15 years ago, just a few months after its creator, Satoshi Nakamoto, published the Bitcoin whitepaper in October 2008. The first halving event took place on November 28, 2012. At that time, Bitcoin was trading around $12, which was more than 308,200% below its current price.

Although not explicitly explained in Nakamoto's whitepaper, the halving pointed to mechanisms to control the creation of new coins. The whitepaper indicated that the proof-of-work mechanism targeted the block count with a moving average, and it halved every 210,000 blocks, occurring approximately every four years. This feature is explicitly stated in the Bitcoin source code, specifying that mining block rewards will be halved at certain intervals.

Bitcoin's halving mechanism is integrated into the BTC mining algorithm to provide protection against inflation. Before the first halving, miners were rewarded up to 50 BTC per block. The first halving occurred in 2012, reducing the reward to 25 BTC. Subsequently, the second halving in 2016 further reduced the reward amount to 12.5 BTC. The most recent halving took place in 2020, bringing the block reward down to 6.25 BTC.

Bitcoin halvings significantly reduce the cryptocurrency's supply, impacting its price cycles. Following the first halving, Bitcoin surged to approximately a thousand dollars within a year. The second halving triggered a 350% increase in the following year. BTC then reached an all-time high of $20,000 in December 2017.

After the third halving, Bitcoin set a new record by reaching $69,000 in November 2021. Halvings, combined with Bitcoin's diminishing supply and increasing demand, often contribute to price increases.

The first anniversary of Bitcoin's initial halving coincides with the anticipation of the fourth Bitcoin halving on April 17, 2024, as expected by the crypto community. Many Bitcoin advocates are optimistic about the price of Bitcoin in 2024, especially with the increased possibility of US market regulators approving a spot Bitcoin exchange-traded fund (ETF). However, the 2024 halving won't be the last, as Bitcoin mining rewards are expected to halve 34 times until the total supply of 21 million Bitcoins is completely mined, projected around 2140 according to the current trend.

Stay updated on developments and the latest news in the cryptocurrency markets with Kriptospot.com.