The topic of Bitcoin halving has become lively again, so I’ve organized some thoughts.

Actually, this year marks the 12th anniversary of BTC halving, and looking back at the history so far is truly fascinating. During the first halving, the block reward dropped from 50 BTC to 25 BTC, and since then, after three adjustments, it has now shrunk to 3.125 BTC. In other words, the rewards miners receive are decreasing year by year.

But here’s the interesting part: the price of BTC has been rising in contrast. Over the past year, Bitcoin has shown a significant increase, and it has continued to trend steadily since the halving in April this year. Currently, it’s trading in the $81,000 range.

As for mining difficulty, it has become quite challenging. The difficulty has surpassed 102 trillion, reaching an all-time high. That means, even though rewards are decreasing, the energy and time required for mining are increasing, creating a tough environment for miners.

What’s also intriguing is that miners are not giving up. Major mining companies are actively working on reducing costs and improving efficiency. They’re adopting AI, enhancing energy efficiency, and trying various innovations.

By the way, Bitcoin’s supply cap is fixed at 21 million BTC, but the current circulating supply is over 20 million BTC, with about 1.2 million BTC left to be mined. That means, once approximately 1.2 million BTC are mined, the cap will be reached. This scarcity is one of the factors supporting BTC’s value.

Looking at the cycle of Bitcoin halving events, it’s clear that miners’ profitability and Bitcoin’s price are closely linked. Even if rewards decrease, if the price rises, miners can still maintain their profits. Conversely, if the price drops, some companies may stop mining. For now, it seems to be balanced, but what happens next depends on the market.