- Bitcoin enjoyed a successful halving, with block 630,000 mined by antpool
- Hashrate remained stable after all time highs earlier in the day
- f2pool signed off previous reward structure with nod to the Genesis block
Bitcoin enjoyed a successful halving yesterday, its third of 32 projected such events, which saw the supply rate of new Bitcoin halved as block 630,000 came and went. Concerns that the hashrate would collapse went unfounded, with the hashrate stabilizing along with the price following some volatility earlier in the day. Meanwhile, the last miners of the pre-halving block, f2pool, signed off with a timely reminder of why Bitcoin is so important right now in a nod to the Genesis block.
#Bitcoin Halving occurred on block 630,000.
We’re now in the 4th Epoch.
— Bitcoin (@Bitcoin) May 11, 2020
Block 630,000 Signals New “Epoch”
Bitcoin’s block 630,000 was mined by Antpool at 15:23, the first with a ₿6.25 reward:
The event was celebrated across social media, with #bitcoinhalving trending on Twitter for most of the evening in a mark of how much bigger the event has been this year, mirrored in the massively increased Google searches for the term recently. Social media celebrated the event, with some big names and even some staunch critics getting in on the action:
Regardless of extrinsic events, it is inevitable that bitcoin’s issuance rate will be cut in half until there is no more #bitcoin to mine.
Today’s halving reinforces this truth & bitcoin’s value proposition as an auditable, transparent & digitally scarce asset. #BitcoinHalving
— Fidelity Digital Assets (@DigitalAssets) May 11, 2020
Happy #Bitcoin Halving to all my HODLer friends. But now that the halving has come and gone, what happens next?
— Peter Schiff (@PeterSchiff) May 11, 2020
Eagle-eyed supporters were quick to spot a nice touch from mining pool f2pool, who added an addendum to the last pre-halving block:
The note, a headline from the New York Times regarding the rampant money printing by the Federal Reserve in response to the coronavirus, is a throwback to the note added to the Genesis block back in January 2009 regarding the British Prime Minister’s plan to bail out banks after the 2008 financial crash:
Word has not reached FullyCrypto when Craig Wright plans to sue f2pool for infringing his copyright, but such an announcement is no doubt imminent.
Hashrate and Price Remains Stable
The fears over the Bitcoin hashrate collapsing after the event proved unfounded, with the hashrate experiencing all time highs before a minor drop:
Of course, there is still time for the hashrate to readjust, but it seems like miners who had decided to turn their machines off had already done so ahead of time.
In terms of price action there was a fair bit of volatility during the day of the halving, with Bitcoin bouncing within a $1,000 range, making it a non-trade day for many:
The price has now stabilized around the $8,750 mark with no clear indication of where it will go next, although it didn’t take long for the bullish Tweets to arrive after the halving:
#Bitcoin supply is going to be reduced by 50%. Reduction in supply increases the demand. Increase in demand increases the price. You just have to be patient.#BitcoinHalving
— Mohammed Danish (@DaniAdvocate) May 11, 2020
#BitcoinHalving Day #Bitcoin Prices
2012: $𝟭𝟮
2016: $𝟲𝟱𝟬
2020: $𝟴,𝟲𝟳𝟬Bring on 2024 🚀
— Danny Scott (@CoinCornerDanny) May 11, 2020
Setting the intricacies of hashrate, price, and embedded notes however, some preferred to take a step back and see the halving for what it was – another example of the genius behind Bitcoin’s design:
I’ve genuinely waited years for this day.
My first #BitcoinHalving…
Sometimes just gotta sit back and appreciate Bitcoin for what it is and the tech behind it
Satoshi is a genius.#Bitcoin
— RookieXBT (@RookieXBT) May 11, 2020
Amen to that.
