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27 Nov '12, 8pm

Bitcoin Money: Bitcoin Magazine - Block Reward Halving: A Guide - Tue, 27 Nov 2012 20:18:40: Bitcoin Magazine…

“Projected to take place on Wednesday [November 28, 2012] at around 18:00 UTC, for the first time ever in Bitcoin history, the rate at which new bitcoins are generated will permanently be cut by a factor of two,” - “[The block reward earned by miners is] the only way that new bitcoins come into existence. Any bitcoin that you send or receive was at one point somebody’s block reward.” - “Bitcoin has a monetary policy that was coded into the system right from the start that reduces the rate over time. […] There will still always be one block coming out every ten minutes, but the number of bitcoins handed out as a reward in each block will come down in sharp steps.” - “The event that will happen on Wednesday is exactly this; after block 210,000 hits, every block thereafter will have a reward of only 25 BTC instead of the original 50 [for approximately the next four years]” - ...

Full article: http://www.bitcoinmoney.com/post/36681592414/block-reward...

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