Halving Series
The Bitcoin Halving is a fundamental core feature of Bitcoin. In an almost magical way, mathematics is applied here in an unprecedented manner over a period of ~132 years in a network that will probably be the most important and groundbreaking network of all for humanity in the years to come: an increasingly secure monetary system whose inflation goes to 0 over time.
Due to the relevance of the Halving, which takes place every 4 years - or 210,000 blocks to be precise, I have started a series that will be extended by one drawing every four years. The intention is to create a drawing for each halving, and these drawings will all be identical in structure.
In the next 4-5 months I want to complete the first three Halvings and then, in line with the fourth Halving, the fourth drawing. This will be a lot of work and very detailed and I hope to delight your eyes with this proof of work!
01
Core structure
When considering a basic structure, I immediately thought of the TIMECHAIN CALENDAR. I like the symmetrical, circular arrangement and it is a layout that can be used for all Halving drawings and thus forms a common thread.
The circle also forms a beautiful analogy to Bitcoin in its meaning: it is the beginning and the end, symbolizes perfection and has an elementary status in mathematics/geometry.
02
Basic sketching
Every drawing begins with sketching. It helps me to get an idea of what the end result will look like in terms of proportions and consistency.
In the course of drawing, things change from time to time, as spontaneity is just as much a part of creativity - it is in fact the highest form of creativity - but on the whole, the sketch sets the direction.
03
Here we go...
After the sketching comes the most time-consuming, but also the most fun part: the finishing. As a left-hander, I usually start working on the drawing board (grammage: 290g/m²) from right to left so that I don't smudge any areas I've drawn on.
My drawings are characterized by intense, numerous details, which is why my tools - especially the pencils and fineliners - have to be extraordinarily delicate. Among other things, I use pencil leads that are only a third of a millimeter thick.
04
Awakening
After about 40 hours of drawing, you can already recognize the style of the series quite well: I combine architectural elements such as sculptures, geometric shapes, ornate details reminiscent of Renaissance or Baroque works with Bitcoin to reflect the core element of the proof-of-work consensus mechanism with a kind of grandeur on the one hand and to honour it on the other.
The first mathematical gems, such as the hashrate at the time of the first halving block, the block size and facts about Bitcoin's monetary policy for block 210,000, have already been incorporated.
05
Vires in Nvmeris
More than 100 hours after the first pencil stroke, further Easter Eggs, such as the hash of block 210,000, are embedded. I like to use engravings for additional symbolic power. In this case, I find "VIRES IN NVMERIS" (strength in numbers) or "ALEA IACTA EST" (the dice have been cast) truly fitting.
I am always fascinated by how the graphite on the drawing cardboard reflects the light in numerous facets - depending on the angle of incidence - and how the drawing looks a little different every time I look at it.
06
Halving I
After well over 200 hours of drawing with many different pencils with varying degrees of hardness, as well as very delicate fineliners, the first part of my Halving series: Halving I is complete.
The following features about block 210000 are included in the drawing:
- The date of the Halving block: November 28, 2012
- The epoch of the Halving block: Epoch II
- The hash of the Halving block: 00000[...]1342e
- The size of the Halving block: 199.13 kB
- The number of transactions: 457 txs
- The median fees: 387 sat/vB
- The estimated hash rate: ~28.2 TH/s
- The block subsidy: 25 Bitcoin/block
- The amount of Bitcoin: 10,500,000
- The percentage of the total amount: 50%
07
Halving II
The second part of the series took a similar amount of time as Halving I, but significantly more blocks passed between the start and completion of the drawing due to time constraints. But now I can present Halving II.
The following features about block 420000 are included in the drawing:
- The date of the Halving block: July 9, 2016
- The epoch of the Halving block: Epoch III
- The hash of the Halving block: 00000[...]4ffa1
- The size of the Halving block: 999.84 kB
- The number of transactions: 1257 txs
- The median fees: 26 sat/vB
- The estimated hash rate: ~1.554 EH/s
- The block subsidy: 12.5 Bitcoin/block
- The amount of Bitcoin: 15,750,000
- The percentage of the total amount: 75%
08
Halving III
Part 3 is ready! In order to avoid any time pressure regarding the fourth Halving,
I prioritized drawing for Halving III in my everyday life for a few weeks. Significantly fewer blocks have passed until completion compared to Halving II.
The following features about block 630000 are included in the drawing:
- The date of the Halving block: May 11, 2020
- The epoch of the Halving block: Epoch IV
- The hash of the Halving block: 00000[...]7e96d
- The size of the Halving block: 1.19 mB
- The number of transactions: 3134 txs
- The median fees: 90 sat/vB
- The estimated hash rate: ~139.294 EH/s
- The block subsidy: 6.25 Bitcoin/block
- The amount of Bitcoin: 18,375,000
- The percentage of the total amount: 87.5%
09
Halving IV
On April 20, 2024, it was finally done! The fourth Bitcoin Halving happened with block 840000 and ushered in the fifth era of the Bitcoin age!
After almost 1000 hours of drawing the four Halving parts, Halving IV marks the end of my Halving series for the time being. I will extend it in 2025 with a Bitcoin - Genesis drawing in the same style, to continue three years later with Halving V.
The following features about block 840000 are included in the drawing:
- The date of the Halving block: April 20, 2024
- The epoch of the Halving block: Epoch V
- The hash of the Halving block: 00000[...]a83a5
- The size of the Halving block: 2.33 mB
- The number of transactions: 3050 txs
- The median fees: 200 sat/vB
- The estimated hash rate: ~629.916 EH/s
- The block subsidy: 3.125 Bitcoin/block
- The amount of Bitcoin: 19,687,500
- The percentage of the total amount: 93.75%
10
Updates coming..
Each part of this Halving series will take several hundred hours to complete. The originals are not for sale, but I am offering a limited edition of 21 hand-signed and certified fine art prints for each of these drawings.
All edition prints have already been sold. The next print run of this series will happen with my Bitcoin - Genesis drawing in 2025. If you are interested in reserving one of 21 numbered and signed finest art prints, please contact me via the contact form!
