The Bitcoin cycle,
in perspective.
From the genesis block to today. Explore price history, compare halvings and track the network.
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IN THIS VIDEO
From wallets to halvings
- What is Bitcoin?
- How transfers are verified
- What blocks record
- How halvings reduce issuance
- How market price forms
Read transcript
Bitcoin, or BTC, is a digital currency. You can send and receive it on a public network without a central bank.
Your wallet signs the transaction with a private key. The network checks the signature and whether those bitcoins can still be spent.
Miners group transactions and compete to propose a block. Network nodes check the rules. The chain of blocks forms the public history called the blockchain.
Issuance is limited to about 21 million bitcoins. Every 210,000 blocks, a halving cuts the number of new bitcoins per block in half.
The price forms through market trading. Atlas Bitcoin tracks BRL and USD quotes and compares the periods following each halving.
Log scale. Source: Coin Metrics, BTC in USD. Each cycle ends at the next halving or latest data point. Market conditions varied by cycle.
- 03 JAN 2009
Genesis block
The network starts with a subsidy of 50 BTC per block.
BLOCK 0 - 28 NOV 2012
First halving
The subsidy falls from 50 para 25 BTC.
BLOCK 210.000 - 09 JUL 2016
Second halving
The subsidy falls from 25 para 12,5 BTC.
BLOCK 420.000 - 11 MAI 2020
Third halving
The subsidy falls from 12,5 para 6,25 BTC.
BLOCK 630.000 - 20 ABR 2024 · UTC
Fourth halving
The subsidy falls from 6,25 para 3,125 BTC.
BLOCK 840.000
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1.000.000 satoshis
Reading the cycles
What price and network data show.
What changes at a halving?
Every 210,000 blocks, the miner subsidy halves. Issuance slows, and the market still responds to supply, demand and liquidity.
Why use a log scale?
Equal ratios take equal space. Moving from $100 to $1,000 takes the same space as $1,000 to $10,000.
Why does price history begin in 2010?
The network started in 2009. The Coin Metrics daily USD price series begins on July 18, 2010.
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