👉🏻👉How Much Was Each Bitcoin Worth in USD Following Each Halving Event Since it Creation??
As we approach the 4th "halving event" of Bitcoin in April 2024, i thought it will be a fun exercise to look back at:
- How much each Bitcoin was worth before the event,
- how rich in USD the solver of each block would be
- had they converted their BTC to USD at that time, vs
- had they waited and hodl; and
- how muck each $100 investment in Bitcoin would be worth, today.
✴️FIRST THING FIRST, A QUICK RECAP ON HALVING
The Bitcoin halving is an event that occurs approximately every four years, or after every 210,000 blocks are mined on the Bitcoin blockchain. During a halving event, the reward that miners receive for validating transactions and adding new blocks to the blockchain is cut in half. This reduction in mining rewards is designed to control the supply of new Bitcoins entering circulation, ultimately leading to a capped supply of 21 million Bitcoins.
The halving event is significant because it reduces the rate at which new Bitcoins are created, thereby increasing scarcity and potentially impacting the price of Bitcoin. Historically, Bitcoin halving events have been associated with bull markets and significant price increases in the months and years following the halving.
✴️THE BIRTH OF BITCOIN:2009
When Bitcoin was created back in 2009, each block was worth 50 BTC! However, nobody knew what Bitcoin was back then, so the USD value obtained by the initial miners are basically zero USD.
A successful miner ( solver of 1 block) in 2009 would:
- Get 50 BTC as a reward
- Earn zero dollars when converted into USD in 2009
✴️ HALVING EVENT: NOV 28, 2012
From 21 million BTC, on this day in 2012, the total supply got slashed in half for the first time!
Total Bitcoin left to be mine after Nov 28, 2012: 10,500,000btc
Price of btc at closing on Nov 28, 2012: $12.20
A successful miner ( solver of 1 block) on Nov 28, 2012 would:
- Get 25 BTC as a reward
- Get 3.125 BTC as a reward
- #Stayontrend #HotTrends #TrendingCrypto #BinanceTurns7 #CPI_BTC_Watch
