The first thing that needs defining is what Bitcoin halving really is? Bitcoin halving is when rewards given to miners for securing the network are cut down by 50%. Halving happens every 210,000 blocks (approximately every 4 years). Currently, a reward for solving a Bitcoin block (every 10 minutes) is 12,5 BTC. After the next halving, the reward will be 6,25 BTC for each block mined.
By implementing halving, Bitcoin’s code secures its ecosystem against overwhelming inflation.
Reducing the mining rewards means that scarcity remains ever present regarding the most popular crypto asset in the market.
That way, Bitcoin remains more similar to gold than fiat currencies as the amount of gold and BTC remains pre-defined, contrary to fiat currencies printed by central banks. With every BTC halving, the next Bitcoin is harder to obtain.
It has been calculated that, as the halvings continue, the last BTC for a mined block will be rewarded by the year 2140.
When was Bitcoin Last Halving?
Bitcoin’s last halving happened on July 9th, 2016, at block 420,000, when a single BTC was valued $657.61.
Considering the fact that the price of BTC currently fluctuates around $10,000, we can easily calculate that, after the last halving, the price of Bitcoin has increased by 1485.84%.