What: Bitcoin Magazine presents non-stop, 21-hour coverage of Bitcoin’s third Halving! This free virtual event will include insightful voices, leading companies, product giveaways, unique items for auction and a live countdown to this historic event.
When: We’ll be monitoring Bitcoin’s block height to determine the exact moment of the Halving, and therefore the official timing of our event; currently scheduled for around May 12, 2020. You can expect updates on the specific live stream date and timing to be posted across our social channels.
Bitcoin’s biggest innovation is and always has been provable, digital scarcity. It’s the reason there will never be another Bitcoin and why there will only ever be 21 million BTC. Period.
The mechanism by which Bitcoin’s digital scarcity is created is the block reward halving. Every 210,000 blocks, the amount of bitcoin that is awarded to miners for confirming transactions gets cut in half, until sometime around the year 2140 when that amount will become zero. The Halving creates a moment of true supply shock — something incredibly unique and novel that doesn’t exist in any traditional currencies.
We’re only days away from block 630,000; the third block reward halving. This event is believed to be one of the biggest drivers of bitcoin’s price, and it directly affects miners’ incentives. It has also only happened twice before, so with such a drastic jolt to the system, it’s really hard to know exactly what to expect afterward.
In the past two halvings, we’ve seen narratives around a “mining death spiral” spring up as people speculate that all miners will have their incentives evaporate and turn their machines off. Instead, we’ve seen wild bull markets (from $12.20 to $1,200 after the first halving; $650 to $20,000 after the second halving) which have brought major…