The much anticipated Bitcoin halving finally happened on May 12 2020 @ 3pm EST. The move resulted in the Bitcoin network halving its block reward from 12.5 BTC to 6.25 BTC and now the network is operating on a more constrained supply than ever. Lets view the event as it happened in detail. Also, you can read our detailed coverage of the 2020 Bitcoin halving event or the previous two halving of 2012 and 2016.
This latest halving was one of the most historic moments ever in the cryptocurrency’s history. While 2012 was the first halving and 2016 cut it further, the number of Bitcoin owners is at an all-time high. As expected, both the price and hash rate remained largely unchanged during the actual halving process, showing considerable confidence in the system’s ability to undergo the complex process ever so smoothly.
The Last Pre-halving Block
F2Pool, one of the largest Bitcoin mining pools in the world mined the last 12.5 block reward and included a special message within it. The message paid tribute to Satoshi Nakamoto and his mining of the first Bitcoin block back in early 2009.
The communique was:
“NYTimes 09/Apr/2020 With $2.3T Injection, Fed’s Plan Far Exceeds 2008 Rescue,”
It was a befitting tribute to the founder(s) of the cryptocurrency and shows how far the sector has come since the pseudonym Satoshi Nakamoto first published the Bitcoin paper back in 2008. With the Fed printing new money into circulation, Bitcoin’s transfer was ever so smooth and immutable. No one had the authority to stop it and thus, this message, well thought out and everything will remain inscribed in the annals of history.
After the Halving
Immediately afterwards, the block creation time reduced from an average of 9.5 minutes before to around 11 minutes. The next 6.25 block was mined by another powerful mining pool Antpool. The first post halving block of the 2012 halving was claimed by Slushpool while the 2016 block was mined by F2Pool as well. F2Pool remains one of the oldest mining pools in existence.
Just like previous halvings, the Bitcoin price index stayed largely consistent in the immediate 24 hours and stayed within the $8500-$9000 range.
An increase in transaction fees was also observed as the miners started demanding more and it was expected. However, the furore subsided and the transaction fees fell back to the pre-halving positions.
The 2024 Halving
The next halving will take place in 2024. Countdowns have already started in that aspect but one thing is for sure: The 2020 halving will remain one of the most historic events ever in the existence of the Bitcoin network. It reignited the cryptocurrency sector and got more and more people involved in it. The icing on the cake was the thoughtful message included by the last block reward’s claimants. The message will remain etched in history and continue to remind the crypto world regarding the monetary manipulation of the Federal Reserve and how Bitcoin can be a viable alternative to it.
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