The Bitcoin halving remains a significant event in the world of Bitcoin.
The 2016 Bitcoin halving was incredibly exciting and some interesting events happened both before and after.
Let’s take a look!
In the 2016 Bitcoin halving, which is the second most recent Bitcoin halving, the reward dropped from 25 to 12.5 BTC per block.
This means Bitcoin’s inflation rate was cut in half.
The Bitcoin 2016 Halving took place on July 9th, 2016.
➤ MORE: 2024 Bitcoin Halving Countdown
Between November 28, 2012 (the previous halving date before the one in 2016) to February 6th, 2014, Bitcoin went from $12 to around $900, before beginning a swift descent down to nearly $100 by February 21, 2014.
For the next two years and four months, Bitcoin oscillated between $111 and $664 (the price of Bitcoin at halving in 2016).
In the chart below, the black vertical line is the day the 2016 halving took place:
Usually, the Bitcoin price goes up shortly after halvings.
And that is more or less what happened after the 2016 halving.
From July 2016 to January 2017, Bitcoin rose in price by about 60%, from the 600s to over $1,000.
From there, the price went crazy.
From January through December of 2017, Bitcoin had gone up more than 19 times (1,900%) in price to a high of over $19,000.
This can be seen in the chart below:
You can track the 2024 Bitcoin halving estimated date using our Bitcoin halving countdown clock.
We estimate the 2024 halving date based on live Bitcoin network data, ensuring an accurate estimate.
The 2024 halving will likely create tons of media hype and interest in Bitcoin.
We’ve seen price predictions from Chase Bank analysts as high as $120,000 and even Adam Back, CEO of Blockstream make bets that Bitcoin will reach at least $100k.
The 2024 halving is important because it is the year Bitcoin’s inflation rate will finally go below gold, making it the scarcest money to ever exist.
You can read about both of those here:
There were few livestreams of the 2016 halving, and the only one still available on YouTube is the one below where the stream crashed moments after the halving countdown ended!
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