It has been 100 days since the Bitcoin blockchain last reduced the mining reward per block from 6.25 BTC to 3.125 BTC. Historical data shows that the bullish effect of such programming code usually begins to appear after 100 days. When looking back at Republican presidential candidate Donald Trump's speech at the Nashville Bitcoin Conference, the crypto community paid special attention to this date - it marked the 100th day since Bitcoin implemented its fourth mining reward halving.

Latest research from ETC Group points out that due to the slowdown in Bitcoin (BTC) supply growth caused by the halving event, its positive impact often only begins to be noticeable after 100 days. The Bitcoin mining reward halving is built-in code in the blockchain and is triggered every four years or every 210,000 blocks, a move that reduces miners' transaction verification rewards by 50%.

The main purpose of this quadrennial event is to control the total amount of Bitcoin in circulation and ensure that it increases in value over time and becomes increasingly scarce, in contrast to the continuous issuance of fiat currencies. The maximum supply of Bitcoin is set at 21 million, and the speed at which this limit is reached is regulated by halving.

During the first halving in 2012, the reward for miners per block was reduced from 50 to 25 Bitcoins. Two subsequent halvings further reduced this number to 6.25 BTC. With the most recent halving, implemented on April 20, 2020, the Bitcoin reward per block was halved again, down to 3.125 BTC. Historical data shows that these halving events pave the way for significant increases in Bitcoin price, with most of the increases typically occurring within the first 100 days after the halving.

Andre Dragosch, head of research at ETC Group, shared his insights on the X platform: “Today marks 100 days since Bitcoin’s latest halving event on April 20. While the market’s memory may be short, we expect the supply squeeze caused by the halving to start showing its effects from now on.”

Dragosch’s conclusion was drawn after analyzing market performance data before and after the three halving events in 2012, 2016 and 2020. His research pointed out that the average outperformance in the 100 days after the halving increased significantly compared to before the halving and became statistically significant, with a "T value" exceeding 2%. The T value is a statistic used to determine the distance between the sample mean and the population mean, and its size reflects the variability of the sample.

Dragosch further explained: “The key point is that the performance difference becomes statistically significant 100 days after the halving, and then the difference will continue to increase until about 400 days after the halving.”

According to the chart data, average overperformance rose significantly on the 100th day after Bitcoin’s halving, exceeding 100%, and eventually climbed to a four-digit peak. Whether history will repeat itself again remains to be seen.