Today, Bitcoin celebrates the 12th anniversary of its first halving, an event that marked the start of significant changes in its economic model.
A Decade of Programmed Reduction
On November 28, 2012, Bitcoin experienced its first halving, an event anticipated by Satoshi Nakamoto to control cryptocurrency inflation. This mechanism automatically reduces miners' rewards by 50% every 210,000 blocks. After three successive halvings, the reward has dropped from 50 BTC to 3.125 BTC, thus limiting the influx of new bitcoins into the market. This programmed scarcity has been a major catalyst for Bitcoin’s valuation increase. With each halving, selling pressure decreases, creating a scarcity effect that has historically preceded significant upward phases.
Adapting the Mining Industry
In response to the continued reduction of rewards, the mining ecosystem is undergoing major changes. Major players like Marathon Digital have adapted their strategies, selling part of their production to maintain profitability. Others, like TeraWulf, consider mergers to pool resources. Innovation is crucial for miners' survival: some turn to artificial intelligence, while others explore alternative energy sources. El Salvador is a pioneer in using volcanic geothermal energy for Bitcoin mining.
The Future of Bitcoin and Halvings
The 12th anniversary of the first halving marks a significant milestone in Bitcoin's history, demonstrating the resilience of its economic model in the face of growing challenges. As Bitcoin nears $100,000 in November 2024, miners are challenged by rising operational costs and market volatility. With the next halving approaching in 2028, the mining industry continues to transform, driven by innovation and adaptation to new market realities.
The anniversary of the first halving demonstrates how Bitcoin has become a key player in the financial arena, thanks to its resilient economic model.
