Since its launch in 2009 with a mining reward of 50 BTC/block, bitcoin has undergone three halvings - an event that 'halves' the reward for miners, helping to shape the value and scarcity of the currency.
The first halving took place in November 2012 and reduced the reward to 25 BTC/block! The second event in July 2016 further halved the reward to 12.5 BTC! And in May 2020, the third halving brought the reward down to 6.25 BTC/block.
Each Halving is an incredibly exciting event that exerts a powerful 'push' on the rate of new Bitcoin issuance, ensuring its scarcity and driving up the value of this incredible currency! Just like gold, Bitcoin's supply is strictly limited to 21 million, and the Halving process plays a crucial role in reinforcing the principle of deflation, setting it apart from traditional fiat currencies! Bitcoin's halving journey demonstrates the foresight of Satoshi Nakamoto, Bitcoin's founder, in creating a decentralised, transparent and long-term value monetary system.