Bitcoin Halving
Every four years, the mining reward is cut in half. Each halving has preceded the biggest price surges in crypto history.
Bitcoin's supply schedule is hard-coded into its software. Every four years, the amount of Bitcoin that miners receive per block gets cut in half. At inception, miners earned 50 Bitcoin per block. In 2012, the reward dropped to 25. In 2016, 12.5. In 2024, 3.125. This supply shock is predictable and permanent. Everyone knows exactly when it happens. Before halving, existing Bitcoin becomes more scarce because new supply shrinks. Markets price in the scarcity in advance. Bitcoin's price tends to spike before halving and climb afterward as the reduced supply becomes apparent. Programmatic scarcity drives cycles. No other asset has built-in halving mechanics.
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