Bitcoin History Part 24: Celebrating the First Halving in 2012

As the third Bitcoin halvening approaches, a handful of OGs will wistfully recall the first such event, which occurred in November 2012. Back then, following the completion of block 210,000, the mining reward halved from 50 to 25 BTC. To commemorate the milestone, early adopters threw parties throughout the world, from Tel Aviv and Macau to Munich and Helsinki.

Also read: Get Ready for the Bitcoin Halving – Here Are 9 Countdown Clocks You Can Monitor

A Community Comes Together

The first Bitcoin halving was a big deal, eagerly talked about for months in advance. Discussions and debates centered around the economic consequences of the halving, the future stability of the network and the effect on mining operations. Was Satoshi’s monetary policy of reducing block rewards by 50% every 210,000 blocks really the best way to keep inflation under control or would it signal the beginning of the end for Bitcoin?

Although bitcoin was only worth about $11 at…