Block Reward Halving + Party 2016

On July 9, 2016, it happened again: the so-called “block reward”, the reward miners receive for creating a new Bitcoin block, was halved. When Bitcoin came to life on January 3, 2009 with the creation of the very first block, the Genesis Block, the block reward was still 50 bitcoins. After every 210,000 blocks this reward is halved; since November 28, 2012 (block 210,000) only 25 new bitcoins enter circulation with each new block. On the afternoon of July 9, 2016 we expected block 420,000 and with it only 12.5 bitcoins per new block. Why these halvings? Most people interested in Bitcoin know the statement that there will never be more than 21 million bitcoins. These halvings every roughly 4 years (exactly every 210,000 blocks) are how Bitcoin’s supply limit is implemented. The first 210,000 blocks created 10.5 million bitcoins (210,000 x 50); by the halving on July 9, 2016, a total of 15,750,000 bitcoins will exist (210,000 x 50 + 210,000 x 25), already three quarters of the total supply that will ever exist. The next halving to just 6.25 bitcoins per block was expected around early 2020. The Party We wanted to celebrate this rare event, and everyone was welcome! The Graz Bitcoin Block Reward Halving Party took place on July 9, 2016 from 17:00 at Lendplatz at “Herr Siegfried”, who fired up the grill for us. Bitcoin payment was of course possible & encouraged! The Vienna Halving Party started at 18:00 in Raum D at the Museumsquartier. The block reward halving, i.e. block 420,000, was expected around 19:00 CEST Bitcoin Block Reward Halving Countdown.