First Bitcoin Halving
Bitcoin's first block reward halving: 50 → 25 BTC. This event reduced the rate of new Bitcoin creation, implementing Satoshi's disinflationary monetary policy as coded in the protocol.
This event is part of Bitcoin history — See the full Bitcoin timeline
The First Halving
On November 28, 2012, at block #210000, Bitcoin experienced its first halving event. The block reward was cut from 50 BTC to 25 BTC per block, reducing the rate of new Bitcoin creation by 50%. This was the first real-world test of Satoshi Nakamoto's disinflationary monetary policy.
The halving is a core part of Bitcoin's design: every 210,000 blocks (approximately every 4 years), the block reward is halved until the maximum supply of 21 million BTC is reached around the year 2140. This programmed scarcity is what makes Bitcoin different from traditional fiat currencies that can be printed at will by central banks.
Market Impact
At the time of the first halving, Bitcoin was trading at around $12. Before the halving, there had been significant anticipation and price appreciation. In the year following the halving, Bitcoin's price experienced a massive bull run, peaking at over $1,100 in November 2013.
