Bitcoin Forum

Bitcoin has just halved!

https://talkimg.com/images/2023/05/16/bloba86e9338141953a6.png
 
Block 630,000 has the first 6.25 Rewards in bitcoin history.


https://talkimg.com/images/2023/05/16/blob189ab751f87918b5.png


A few relevant statistics at the time of halving, it would be nice to review at the next halving!


Mining Information

	https://talkimg.com/images/2023/05/16/blob05b846f07fb07028.png	https://talkimg.com/images/2023/05/16/blobce1633a6e699fefb.png	https://talkimg.com/images/2023/05/16/blob80438c0d246b2461.png
	Hashrate Distribution	Mining Difficulty	Mining Hashrate

Layer 2 solution: Lighning Network
https://talkimg.com/images/2023/05/16/blob139a97d2777ff7d4.png

Spreadsheet Recap
https://talkimg.com/images/2023/05/16/blob1af1954b540155a7.png
Google Spreadsheet Link (https://docs.google.com/spreadsheets/d/1HsW7TD1pLiKr6cdT5SpBETIFKF-m-F_x0KvjMHvp-hY/edit?usp=sharing)

Which other metric do you think it is useful to have a snapshot of bitcoin ecosystem right now?


A true pearl:
https://twitter.com/lopp/status/1259929075902222345?s=20

Double check here:
https://blockchair.com/bitcoin/block/629999

https://talkimg.com/images/2023/05/16/blob919a60ef589653d2.png

There was a time when the Halving was coming and now it has come!!!!
Happy Days

Well, that is about to see. We can't say if halving is happy or not, at least not yet. Time will show if that will move the price rise and for how much and how long or the price fall.
Although many predictions were very positive, we'll see what direction will price go.

Looking at the price, this turns out to be a non-event.
Just like last time, if I remember correctly. We'll have to wait a few months to see its effects. So far, only geeks have something to talk about.

Happy New Bitcoin Year!  With every halving the price has seen some volatility - perhaps now that the halving has occurred together with the lockdowns being eased we will see a return to a more stable level in the mid $20k's?  $25,000 perhaps within a year.  I think that will be the max price for a while then settle around $18k/$19k after that.

the hash rate is dropping. it's hard to say by how much exactly, but blocks are being generated about once every 11.4 minutes now. it was slightly below 10 minutes before the halving. after only 8.5 hours, that's a bigger drop than i expected.

price-wise, a $2k dump is par for the course. that's just bitcoin being bitcoin.

Great for Bitcoin this year Those who have invested in Bitcoin have a better way of pumping than sitting in this lockdown However, Bitcoin has halved and its price has started falling again. It’s hard to say whether Bitcoin will rise in the half for the third time but there is a good chance that the half will leave the event by the end of this year. Bitcoin will never be stable. We can make a lot of profit if the price goes up due to instability Just wait for the next step Without the Corona effect Bitcoin would have risen a lot.

I think we need several months before we can see the impact of halving just like the last time I'm very positive that things will be better for us this year even though we are in the middle of the pandemic, it's hard to make a prediction because of the situation we are in, I just take it as it comes with the belief that things will be better.

Sometimes monthly effect is not that enough to see if the halving is effective or not, wayback 2016, it took a year where bitcoin reached its all time high. But we need to accept the fact that the blocks are slow to regenerate so there's a bigger drop that we could experience. You really need to know if there's something bad in your investment so you need to adopt and adjust because halving really make our bitcoin investment affected.

We all know that there are a lot of factors that affect bitcoin's price and not only halving. You need to deal with that and overcome those factors that make bitcoin's price lower than normal. Considering halving will make you more knowledgeable about the bitcoin's price in upcoming years.

I'm not as optimistic as you are. The halving event always proves that prices will plummet and slowly rise again. So this $ 8k5 price is a pretty high price and I believe that bitcoin could fall to $ 7k or $ 6k5 before it goes to the moon. This is the time when we should hold cash and wait for bitcoin to come cheap to buy.

Contrary to what happened in various shitcoins, no major drop in bitcoin hashrate:

https://pbs.twimg.com/media/EX0Ib38WAAAZkWX?format=jpg&name=medium

https://twitter.com/cryptounfolded/status/1260181680213700608?s=20


Mining industry is going into a major shakeout.
Looks who's out of business now:



https://pbs.twimg.com/media/EX0JSpeWkAEJrRl?format=jpg&name=large
https://twitter.com/cryptounfolded/status/1260185456559435785?s=20

In my humble opinion the race to get more efficient hardware equipement has played a major role in the mid march market crash. With lot of miners caught off gueard while sustaining major expenses to renew the mining Hardware.

This was both a phenomenal incident as well as a sorrowful one.
Phenomenal because it has reached yet another milestone successfully and sorrowful because it costed many miners their courage as weak hands have left the mining game already and this shows that the price needs to set itself up to a level where mining BTC becomes profitable once again.

This is already expected from those some miners because, for them, mining is a long game about survival. They expect that after halving they will shut down and they should have more efficient mining machines to cope up after halving and of course, cheap electricity is getting more advantage.

Halving is here all mixed emotions that we have will be over now because soon it will tell us what is going to be real from our speculations and prediction. Bitcoin's price probably not be favorable to us for a while but surely it will still kick to sky high and will give us a better or merely stable price before the end of the year. Everyone just enjoys and be happy with this halving!

Okay that was really fast, like I'm really confused right now. I wasn't expecting the Halving to happen now. I have been making use of the Binance Academy site to be counting the days to the Halving and I thought it was going to be accurate. Lol, the site is still reading that the halving will be in two days, dumb site lol. So I'm wondering what's going to be next? Some have said that the event will not only favor the miners, because the reward they are getting for mining coins is going to reduce, and a lot of them are going to drop out since they are not getting enough. But how sure are we that the price will start going up from now? There has been a slight decrease to $8k price range and the price has made a little comeback, I hope it goes up.

I found a nice article detailing how halving are implemented in the bitcoin code.
A nice read, even if you are not a programer (like me).

Dissecting the code responsible for the Bitcoin halving (https://ma.ttias.be/dissecting-code-bitcoin-halving/)


There is a nice paragraph demystifing the legend the bitcoin protocol expectes 64 halvings.

Great compilation of data here man, +merited on both topics.

An amazing day for all of us involved in Bitcoin happy HODL'ing to everyone here and I hope all of you are staying safe and are hopefully getting by financially. Tough time for everyone, but at least we can all take a collective sigh of relief as we've yet again learned that code is much better at monetary policy then humans.

It is interesting what kind of message was added to the last block with the reward of 12.5 BTC, but it is also interesting that first block with 6.25 BTC reward also contains a message. At the moment, it does not occur to me what exactly the date October 3, 2020 refers to?

https://live.blockcypher.com/btc/block/000000000000000000024bead8df69990852c202db0e0097c1a12ea637d7e96d/?page=1

I have no clue, honestly.
Correct me if I am wrong anyway, but actually I think that data was not in the header of the block, like the previous one, but instead was anchored in "Blockcypher" private database, and only anchored into a transaction in that block.
So this is far less relevant.

 

You're right about that, block 630 000 is mined by AntPoll, and coinbase data is not show that message. And as for the block 629999, you missed one 9 in link, so you're actually pointing to a block 62999 which is mined back in 2010, maybe even from creator himself :)

Fixed that, thanks for letting me know.

It will be intresting to see hashrate after this. Mining is unprofitable right now

Things would have improved if not half of the BTC, regardless of whether or not there is a pandemic. If we analyze a little the BTC charts, we will see sudden price increases of the currency. This is because whales invest when the price is lower, to sell when the price reaches a new target. Indeed, halving the BTC can contribute to the price increase, but the so-called "whales" are decisive.

Hash rate now is dropping down of course there are miners who are not willing to mine with their expenses is higher than what they are possible to gain with mining, but it is not that unprofitable for bigger mining farms stuffs are pretty just the same for them. Nothing is interesting with the hash rate every after halving, it is expected to go down at a certain level then go back after a while. As far as I remember from the past halving there is a 20% to 30% of decrease in hash rate after it takes place, nothing interesting looking natural to me.

Honestly it is probably just a trolling attempt and nothing else, I do not think that there is anything major going on right now nor will be on third of October as far as we know at all. So, this is probably just a thing that someone wrote to make some jokes and that is about it.

If I had the chance to put a message in the block I would totally put one as well, wouldn't be this much tin foil hat or something, but would have been something that is quite the funny type of message as well, to make people who see it laugh at least (or at least fail to make them laugh). So this is just another thing in the ledger, you can put messages and there has been probably millions of messages so far in the blocks, this could be inside an important block but still doesn't mean anything.

Halving was expected to be unprecedented event. Now almost a week passed after it, price is still at ~9,8k. Will it rise in a short term?

Bitcoin has just adjusted his difficulty reaching a new All Time High:

https://twitter.com/btcblockbot/status/1282644004681723905?s=21


https://twitter.com/100trillionusd/status/1282644295586131968?s=21

Having an ATH in difficulty so close to the halving is a very bullish feature, as it allows us to get rid of “miner capitulation” or “difficultY death spiral” FUD we heard in the past months.

Turns out that was a bullish signal: Bitcoin is now higher.
Well, good news keep coming: a new ATH in hashpower.

https://talkimg.com/images/2023/05/16/blobb1d179e926df8c63.jpeg

Miners started a weapon race right before the halving, and this is paying out now: only the most efficient miners are still in the race taking their slice of a very competitive market.

A little update after three months.
A brief recognition on mining industry: it's has been an hell of a battle,, but at the end some winner is surfacing!

Difficulty exploded after the halving.

https://talkimg.com/images/2023/05/16/blobf4edcc4e55f868bd.png

The difficulty went up 23% after the halving. This means an equal reduction in the profitability of all mining hardware in production at the date of the halving.
Yet the "arms race" has not stopped, miners are still upgrading their equipment , hence the difficulty has increased continuously (apart from the last decline due to the monsoon season in Sichuan).

Notwithstanding all this capital expenditures, bitcoin price rally  repaid the miners of their substantial investments in hardware and today their revenues are reversed to pre-halving levels.


https://twitter.com/glassnode/status/1329150613255573505?s=20


This just makes us imagine how competitive this industry has become. Long gone are the mining at home, not it is proper industrial operation and logistic.
And when someone complains about bitcoin's energy consumption, it can be argued that energy consumption is as low as possible, and if bitcoin didn't exist all that energy would be wasted in less productive ways, since any industry other than bitcoin mining is less energy efficient!

Now the price of bitcoin had reached a new high in the price.It had crossed a value of 18600$ and it was not expected by the people in a pandemic situation. As we know the price of bitcoin will increase only if the demand had increased in the market.So many had interested in buying bitcoin in this pandemic was a surprise one.

Quite scary if you ask me. If this continues, there will be more problems in the future acquiring bitcoins than it is today. What's more, corporations are also riding the bitciin wave and have owned a significant amount of it in a very small period of time. Quite saddening to find out that a coin meant to be made for the people is being abused by the 1% of the richest. Let's just hope for the best I guess.

As expected the difficulty in mining Bitcoin increased and the rewards halved. And also that means the level at which coins will be supplied will be reduced and demand will get passed the supply and the price will increase to fit in with that high level of demand. The miners are still going to be able to recover what they are investing in buying new equipment. Some of them complained at the start due to the earlier drop, now that price is up $18.9k they will be happy about it.

There are some that even quit from mining after Halving, because they thought it was going to be a waste of their time buying new miners, because their old miner couldn’t keep up.

This is the “arms race” I was referring to. Miners have to fight for the reduced supply. Biggest miners with lower marginal costs (due to scale economy and/or lower energy prices) kicked less efficient miners out of the market. And the race hasn’t stopped, apparently.

I don't think this bit is true. If Bitcoin didn't exist, the energy wouldn't be used for something else, there would just be less energy consumed and less energy generated as a result of the decrease in demand. Whether or not you buy the argument that generating bitcoin is a waste of energy is one thing. But there would definitely be less energy consumed without bitcoin.

The halving has always been the greatest thing to happen to bitcoin and will always stay that way. Think about it, we are talking about coins that didn't existed yesterday that gets mined and suddenly they exist today, 900 new bitcoins everyday that is put to market (or at least hold but calculated into the price) that is here that wasn't here yesterday. That is 17 million dollars worth of bitcoin printed everyday. And that is after the halving, before the halving it was 1800 bitcoins mined everyday, which is over 34 million dollars coming to market every single day.

In order to stay at the same price we either had to convince miners not to sell or we had to find 34 million dollars more buying than selling to even just break even. The more halving happens the better it will be for the price for sure.