The second part of my Halving series is finally finished after about 200 hours of drawing! Bitcoin - Halving II. As with Halving I, I have again included numerous Easter-eggs for the second Halving block - 420000:
 
For each Halving, I will create a homage, all of which are identical in structure and follow each other seamlessly, like one Bitcoin block after the next. Halving III and IV will be added in the coming months. In 2028, I will continue this series with Halving V.
 
The circular representation in the center, inspired by the Timechain Calendar, is also used here again and the subtle circle graph in the background has changed compared to Halving I. While it was still filled in 50% clockwise at Halving I, it is filled in 75% one Halving later, as 75% (15,750,000 Bitcoin) of all Bitcoin ever available at block 420000 has already been issued.
 
For my next drawing, Halving III, this circle will show 87.5% and at the time of the fourth Halving in a few months it will be 93.75%. So all the drawings have a nice connection and you can see the monetary development of Bitcoin in relation to time.
 
Here are a few facts and figures about block 420000, which I have included in the drawing:
 
– the first block of the third epoch
– took place on July 9, 2016
– block subsidy: 12.5 Bitcoin/block
– supply: 15,750,000 Bitcoin (75%)
– the median fee at the time of the second Halving block was ~26 sat/vB. 1257 transactions and a storage space requirement of 999.84 kB are contained in this block.
 
The hash of block 420000: 000000000000000002cce816c0ab2c5c269cb081896b7dcb34b8422d6b74ffa1. Note the number of zeros at the beginning. Whereas there were 13 zeros at Halving I, one Halving later there are already 17 zeros. This is an indicator of a massive increase in mining difficulty.
 
In the following Halving drawings, the number of zeros will continue to rise as the difficulty increases. The approximate hash rate that secured the network to block 420000: 1.554 EH/s. During Halving I it was still around 28TH/s, which in turn is 0.000028 EH/s. This means that the hashrate increased ~55500-fold within approximately 4 years or exactly 210000 blocks! The development of the Bitcoin network will continue to be very noticeable in the series.
 
To emphasize the character of a series of drawings that expands every 210000 blocks, I have added a "halving barometer" to the left half. It consists of 32 small, empty blocks and with each Halving the next block is filled with the number of the respective Halving. On the right half is a clock face calibrated to "420000", which also has the two blocks before and after the Halving block. These values also change with each drawing.
 
The lower half is engraved with Latin messages that I associate with Bitcoin: "VBI LIBERTAS IBI PATRIA" (Where there is freedom, there is my home) and "ALEA IACTA EST" (The die is cast). The words are musically proclaimed and celebrated by little angels.
 
As in Part 1, there are a few little Easter Eggs lovingly added and, of course, my passion for human sculptures is not to be missed. To give the drawing a final touch, I added the block times at the time of the first and last pencil stroke.