Bitcoin has a strict monetary policy that has a cycle of around 3 years and ten months. His line is decidedly trivial and provides that the miner who manages to mine a block will be granted the right to create BTC out of thin air. Since May 2020 we are in the midst of the fourth Bitcoin era.
The eras of Bitcoin
Since January 2009 , the prize consisted of the right to mint 50 BTC from scratch , but for every 210,000 mined blocks the prize was halved.
Since the Bitcoin protocol tries to keep the average time between the mining of one block and that of the next block around 10 minutes , every 4 years the number of BTC collected by those who manage to mine a block is automatically halved.
However, to be precise, up to now it has taken on average only about 3 years and 10 months, instead of 4 years, to mine 210,000 blocks , so each epoch has lasted less than the estimated times.
The first era of Bitcoin began in January 2009, with 50 BTC awarded as a reward to those who managed to mine a single block.
The block number 210,000 arrived in November 2012, when it happened the first halving , half of the prize for the miner. Starting from November 2012, they were in fact given away to the miner who managed to mine a single block only plus 25 BTC created from nothing , starting the second era of Bitcoin.
This ended in July 2016, when the third era of Bitcoin began with the 420,000 block . The reward for mining a block was halved and became 12.5 BTC. The last halving took place in May 2020 , with the 630,000 block , and the prize was raised to 6.25 BTC.
The fourth era of Bitcoin
It has been more than a year now that the fourth era of Bitcoin has begun , which will end at block number 839.999. If the pace of around 3 years and 10 months is maintained to mine 210,000 blocks , the next halving is expected to take place around March 2024.
The curious thing is that, until now, the maximum price of each epoch has exceeded the maximum of the previous epoch, since up to November 2012 the maximum price of the first epoch was about $ 15, while the maximum price of the second epoch was of $ 1,156, that of the third $ 20,089, and that of the fourth epoch (in progress) is for now $ 64,804. However, there are still about two and a half years before the fourth epoch ends, so as to bring the maximum price to a higher result.
The cycles of Bitcoin
The trend emerges more clearly by plotting the BTC price curve in a spiral that runs through a space divided into four-year cycles.