How does your community celebrate the Bitcoin halving? BTCMEX follows the tips from OGs who threw parties across the world back in 2012 when the first halving happened.
Throwback Thursday by BTCMEX
What is halving? The Bitcoin halving is the 50% reduction of the block reward for mining. It happens every single time 210,000 blocks are mined, which makes it every 4 years as there are approximately 144 blocks generated daily. The usual speed of mining 1 Bitcoin block is 10 minutes.
Why celebrate? No matter if you are a Bitcoin miner, a hardcore maximalist or a crypto price speculator, Bitcoin halving matters! The cryptocurrency creator, Satoshi Nakamoto, programmed Bitcoin to be capped at 21 million. Halving is the event that ensures the value of the supply and keeps away the inflation. Halving is an important milestone in Bitcoin history as well as the source of hope and confidence in the digital asset’s value.
Crypto enthusiasts around the world see the halving as an important step in the crypto mission completion, which is a good reason to celebrate. The first Bitcoin halving took place in November 2012, cutting the mining reward from 50 to 25 BTC and igniting parties throughout the world, from Tel Aviv and Macau to Munich and Helsinki.
Talks about halving evolved within the crypto community months prior to the first event. People discussed the future stability of the network and the effect on mining operations. Bitcoin was only worth $11 at that time, yet the community members took their chance to gather in person and in online chats, making friends, sharing thoughts, educating crypto newcomers and raising glasses to Satoshi’s monetary policy.
Las Vegas, Tel Aviv, New Hampshire, Vienna, Macau, Brazil, Munich, Berlin, Bratislava, Switzerland, London, Ukraine and Helsinki saw parties organized through the meetup section of Bitcointalk, some were advertised on Facebook and other forums.
“Bitcoin miners, geeks who configure their own computers to mint the cultish digital currency, have been waiting for this moment for a long time — about four years, which is how long Bitcoins have been in circulation.” - reported The Verge.
Four years later, in July 2016, when the second halving cut the Bitcoin block reward to 12.5, the meetup thread was brought back to announce the second-ever halving party in Campinas, Brazil. Israel and Australia celebrated the second halving as well.
Crypto parties, meetups and conferences are common today, but they were not back in 2012. The Halving turned out to be not only the milestone but also a step to adoption that gave a chance to spread the word, make new friends and have a great time!
Now it’s time to think how to celebrate the upcoming 2020 halving in May!
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Please, note, that the article is a part of BTCMEX Blog, the views and opinions expressed here are the contributing author’s only, and do not necessarily represent the views of the company.
Julia Bulakh for BTCMEX