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.
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 the time of the first halving, community members appreciated the momentousness of the occasion and, in honor of the big day, hosted parties which, one can extrapolate, were attended by a mixture of those who were deeply invested in the community and hangers on who may have had little idea what the hell Bitcoin was. As for those who couldn’t meet up in person, they congregated in chatrooms to trade ideas and raise a metaphorical toast to Satoshi.
Halving Parties Around the World
According to the original thread in the Meetups section of the Bitcointalk forum, unofficial parties were thrown in Las Vegas, Tel Aviv, New Hampshire, Vienna, Macau, Brazil, Munich, Berlin, Bratislava, Switzerland,