What will you be doing when the Bitcoin reward halves?

According to the Bitcoin Clock it is estimated that in less than 12 hours the bitcoin block count will reach 210,000 and mining reward will half from 50 bitcoins to 25 as was discussed in a earlier post.

I say estimated because the rate that blocks are solved, while designed to be every 10 minutes, can vary greatly depending on the hash power of the bitcoin network, the current difficulty and outright luck.  So the exact time cannot be known, it is possible (but very unlikely) that the remaining 72 blocks could be solved in 15 minutes, or even 15 days.

The bitcoin community is certainly buzzing, if you go over to BitcoinTalk there are plenty of threads discussing it but looking to the traditional news services the big story of the day is the premier of the new Hobbit Movie in Wellington.  While I definitely will be going to the Movies in the next few days it reminds me that Bitcoin has a way to go yet.

It is a momentous event in the evolution of bitcoin, but I am sure that it will pass by without so much of a squeak for most of the world.  However I do wonder if there will be a roar in 2016 when we get to 420,000 blocks and the reward halves again to 12.5 bitcoins (Assuming of course that we survive the upcoming Mayan Apocalypse in 22 days on December 20th).

For me, the halving will probably be somewhere around 7am Wednesday the 28th of November 2012 (I live in New Zealand, you will have to work out for your own time zone sorry) so I will most likely be eating coco pops.

Neil Fincham, the MineForeman has over 20 years experience in the computer industry and runs the MineForeman mining operation for the co-op members.

Posted in Bitcoin, General, Mining
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