Today is the full eleven-year anniversary of the initial block reward halving.

Kakmakr

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Quote from: philipma1957 on November 29, 2023, 03:52:48 AM

I hit 3 blocks at 50 coins while pool mining at bitminter.

I also was able to mine 1/1000 of the entire network on and off for a few days.

You needed 22gh when the network was 22th

I burned 11kwatts to miner 1/1000 of the entire network. at that time/

I also need a cold day around 0c and to have my garage door open .

Today 11 megawatts is well 1/1000 of the network

you need 450ph for 1/1000 of the network about about 3200 s19 xp's that would be 10240 kwatts or 10.240 megawatts

1000 x the power.

1000 garages with 3 or 4 s19s=xp's

Now, this is interesting information...

It is actually unimaginable that people actually mined with CPU/GPU's back in the day.... and receiving 50 bitcoins per block that are mined. I mean.... 50 bitcoins are roughly valued at $1 891 000 US today ($37 820 per bitcoin)

I have some friends mining Alt coins from their garage ....so I can picture your operation and how fortunate those people were to mine bitcoins like that.

Thank for the info... Wink

Hamza2424

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Quote from: franky1 on November 30, 2023, 02:30:24 AM

first halving was block 210,000
4th halving will be 2024

these days getting stuff right becomes more important. else if idiots start quoting mistakes to social groups, trolls and ai tools start to believe it

Thanks for making a correction for me, seems like posting in Hasty is never a good idea, at least while sharing the information the accuracy does matter.

Seems like the rest was OK there was some kind of mishandling in the first handling block-number, and a typo error in the next halving year. Seems like also mentioned someone else, and made the changes. As far as it is concerned the social groups and ai tolls, are quite useful while harvesting summarized data, but their accuracy varies from time to time.

franky1

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Quote from: Hamza2424 on November 29, 2023, 12:09:14 PM

According to the Halving Events, The first Halving event was November 28, 2012, and the Block number was 210,000 and Minner was Slush Pool,
and now 4th Halving event expected is of April 2024 and block expected is around 840,000.

fixed that for you

first halving was block 210,000
4th halving will be 2024

these days getting stuff right becomes more important. else if idiots start quoting mistakes to social groups, trolls and ai tools start to believe it

Egii Nna

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Quote from: Hamza2424 on November 29, 2023, 12:09:14 PM

4th Halving event expected is of April 2014 and block expected is around 840,000.

I will say you made a mistake. Instead of writing April 2024, you wrote April 2014.

Based on my research and experience, bitcoin halving occurs after every 210,000 blocks, and the last halving block was 630,000 blocks. But what is confusing me more and more is the journals and websites. I usually conduct my research because some journals say the next halving will occur when the blocks hit 840,000, which based on calculations is right, but what makes me confused is that some websites are showing me that the next halving will occur in April 2024 when the blocks hit 740,000, which makes me more and more confused. Though we all know the reward will drop (fall) from 6.25 to 3.125 bitcoins per block.

tread93

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It is wild to think that the next halving is so close. Now headed from 6.25 to 3.125 or something like that. Surely this will bring us into a new all time high and a new bitcoin era that raises a completely new ceiling for the price of bitcoin. I wonder if Satoshi ever know that in its 14th year that Bitcoin would be this prevalent in society and have such a strong record. Happy 11 year halvingversary!

Hamza2424

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Quote from: Davidvictorson on November 29, 2023, 12:08:17 AM

Bitcoin has come a very long way from the $12 to $37k. Hopefully, by the next halving it would have reached $100k. Newbies who many question why halving - The main purpose is to prevent inflation by making bitcoin more scarce. If the supply of bitcoin is not halved, the value of bitcoin will fall.

Hmm, very saturated answer, The supply model of Bitcoin is very well designed with the Halving event where with the increase in the demand & adoption the market supply keeps shrinking at the same time. A perfect Fundermental combination for the market
valuation.

According to the Halving Events, The first Halving event was November 28, 2012, and the Block number was 210,000 and Minner was Slush Pool, The second Halving event was 9th July 2016, and F2-Pool and Block were 420,000 and the Third Havling event 11 May 2020, and Bock was 630,000 and Minner was ANT Pool, and now 4th Halving event expected is of April 2024 and block expected is around 840,000.

DeathAngel

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Quote from: Davidvictorson on November 29, 2023, 12:08:17 AM

Bitcoin has come a very long way from the $12 to $37k. Hopefully, by the next halving it would have reached $100k.

It certainly has come a long way since $12. I wish I got in that early, I guess everybody gets in with Bitcoin at the price they deserve. There’s no better time than now if you’re a newbie. To reach $100,000 by the halving in Alril 2024 would he incredibly bullish. I think we may have to wait until later in 2024 or 2025 though.

Husires

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If halving is an event not linked to the time and date that we know, but rather to the number of 210,000 blocks, then celebrating it with a time stamp will be different from the way of interpreting what is happening.
Halving, in and of itself, is nothing more than a reduction in the reward, and if this is not accompanied by a growth in demand, the price will not change. There are many alternative currencies that have halving, such as LTC, but 99% of us have not heard of the impact of that event due to the lack of growth in demand to parallel that decrease, and there are many currencies. Which burns more than 10% and does not cause sustainable growth.

Blitzboy

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Best wishes on this eleventh anniversary! Bitcoin's block reward halving is crucial to its economic strategy. Each halving reduces reward but also proves Bitcoin's value and scarcity. Today's inflation-prone economies rarely have a built-in deflationary mechanism. However, does halving usually increase Bitcoin's value as many expect? Yes, historically, but past performance doesnt guarantee future results. Take external market trends into account. Bitcoin is still a decentralized financial miracle. As we excitedly await the 2024 halving, remember that Bitcoin's true value is its revolutionary financial liberty, not its price.

philipma1957

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I hit 3 blocks at 50 coins while pool mining at bitminter.

I also was able to mine 1/1000 of the entire network on and off for a few days.

You needed 22gh when the network was 22th

I burned 11kwatts to miner 1/1000 of the entire network. at that time/

I also need a cold day around 0c and to have my garage door open .

Today 11 megawatts is well 1/1000 of the network

you need 450ph for 1/1000 of the network about about 3200 s19 xp's that would be 10240 kwatts or 10.240 megawatts

1000 x the power.

1000 garages with 3 or 4 s19s=xp's

franky1

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Merit: 4458

Quote from: adaseb on November 29, 2023, 12:41:17 AM

It’s actually so rare these days to get someone to spend a coinbase transaction from the initial block size of 50BTC. I am guessing most of those are already spent or the coins are long time lost.

BTCGuild pool mined the final 50btc reward: block 2099999
https://www.blockchain.com/explorer/transactions/btc/5ca99454655cadbd05e7ac179ad38d7fdda56cc9abec50735f311b7939be75ee

majority of that reward ended up being 'mixed' through a gambling site a week later
https://www.blockchain.com/explorer/transactions/btc/f341e67fb629c15ce3781c05f7aba3b17583ddadd3a5b56bf4c46353358b2f4b

adaseb

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Yeah this is the only block halving that I wasn’t around for. Imagine being a GPU miner back in those days and solving an actual block which was over 50 BTC at the time, crazy.

It’s actually so rare these days to get someone to spend a coinbase transaction from the initial block size of 50BTC. I am guessing most of those are already spent or the coins are long time lost.

Davidvictorson

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Bitcoin has come a very long way from the $12 to $37k. Hopefully, by the next halving it would have reached $100k. Newbies who many question why halving - The main purpose is to prevent inflation by making bitcoin more scarce. If the supply of bitcoin is not halved, the value of bitcoin will fall.

Cleanshit

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Today is the full eleven-year anniversary of the initial block reward halving in bitcoin. The most of us are aware of this, but I wanted to draw newcomers' attention to it, particularly those who have no prior knowledge of bitcoin. For those who are unaware, I will provide a succinct and basic overview of the history of the bitcoin block reward halving below.

A TINY CHAPTER OF BITCOIN HISTORY
The halving of the block reward for Bitcoin is, as everyone knows, one of the most significant moments in its history. The practise of cutting the block rewards that miners receive for effectively mining each block in half, or halving, is known as halving.

Every 210,000 blocks, or roughly every 4 years, block rewards are halved. At block 210,000 on November 28, 2012, the block reward was halved for the first time, going from 50 to 25 BTC per block. which was exactly 11 years ago now. I brought it here to celebrate and educate others, for that reason. Despite the fact that the history is brief, there have only been two (2) bitcoin halvings to date: in July 2016 and May 2020. Furthermore, we anticipate that the fourth halving will occur in May 2024.

I merely put this up for celebration and education's sake. Since nobody is flawless, I accept any forms of corrections if I make any mistakes.

Topic: Today is the full eleven-year anniversary of the initial block reward halving. (Read 117 times)