Third halving

Bitcoin's third halving happened at block 630,000 on May 11, 2020, two months after the Black Thursday crash. The block reward dropped from 12.5 BTC to 6.25 BTC.

The price on the day barely moved. Over the following year bitcoin rose sharply, setting new records in 2021. People often point to the halving as a cause, but the same period also had record stimulus spending, near zero interest rates and new interest from public companies. We show the numbers, not a cause.

Compare the halving markers on the chart: each was followed months later by a rally, yet there are only four data points, which is far too few to treat as a rule.