Bitcoin halving birthday: 12 years of limited supply and milestones

Bitcoin marks the 12th anniversary of its inaugural halving event, which saw block rewards decrease to 3.125 BTC, as miners adapt to increased difficulty levels amidst rising prices.

Twelve years ago today, Bitcoin, the leading cryptocurrency by market capitalization, experienced its first halving, cutting block rewards from 50 BTC to 25 BTC.

Since that pivotal moment, the rewards for Bitcoin miners—who verify transactions and secure the network—have dwindled to 3.125 BTC after three additional halvings. This reduction has significantly constrained the influx of newly mined BTC into the market.

This anniversary coincides with Bitcoin trading near its all-time high of approximately $99,600, recorded on November 22, a rise partly fueled by the fourth halving event in April.

In celebration of this milestone, Cointelegraph revisited significant historical moments and transformations within the Bitcoin mining ecosystem.

1.2 Million BTC Remaining to Mine
As of November 27, there are 19.8 million BTC in circulation, leaving 1.2 million BTC yet to be mined until the total supply reaches the capped limit of 21 million coins.

The 21-million limit is a core principle of Bitcoin, ensuring asset scarcity. Although 1.2 million BTC may seem minimal compared to the already mined supply, extracting the remaining BTC will demand more time and effort from miners due to decreasing rewards and escalating mining difficulty.

Currently, Bitcoin’s mining difficulty rate stands at 102.3 trillion, having surpassed the 100 trillion threshold for the first time on November 5, according to MinerStat. The next adjustment in mining difficulty is anticipated on December 2.

Bitcoin Miners Remain Resilient Amid Price Surge
Despite the hurdles posed by rising mining difficulty and reduced rewards, Bitcoin miners are not backing down, buoyed by a bullish trend in the cryptocurrency market.

As of this writing, Bitcoin is priced at $95,364, reflecting a remarkable 154% increase over the past year, according to CoinGecko. Since the latest halving on April 20, 2024, the cryptocurrency’s value has surged by approximately 45%.