diff --git a/cmd/ipfs/ipfs.go b/cmd/ipfs/ipfs.go
index be63170b4..29ec17835 100644
--- a/cmd/ipfs/ipfs.go
+++ b/cmd/ipfs/ipfs.go
@@ -120,13 +120,16 @@ func localNode(confdir string, online bool) (*core.IpfsNode, error) {
 		return nil, err
 	}
 
-	if cfg.Version.Check != config.CheckIgnore {
+	if cfg.Version.EligibleForUpdateCheck() {
 		obsolete := updates.CheckForUpdates()
 		if obsolete != nil {
 			if cfg.Version.Check == config.CheckError {
 				return nil, obsolete
 			}
 			log.Warning(fmt.Sprintf("%v", obsolete)) // when "warn" version.check mode we just show warning message
+		} else {
+			// update most recent check timestamp in config
+			cfg.RecordCurrentUpdateCheck(filename)
 		}
 	}
 
diff --git a/config/config.go b/config/config.go
index 63367a053..410fa0119 100644
--- a/config/config.go
+++ b/config/config.go
@@ -45,18 +45,6 @@ func (bp *BootstrapPeer) String() string {
 	return bp.Address + "/" + bp.PeerID
 }
 
-// Version regulates checking if the most recent version is run
-type Version struct {
-	Check   string // "ignore" for do not check, "warn" and "error" for reacting when obsolete
-	Current string // ipfs version for which config was generated
-}
-
-const (
-	CheckError  = "error"  // value for Version.Check to raise error and exit if version is obsolete
-	CheckWarn   = "warn"   // value for Version.Check to show warning message if version is obsolete
-	CheckIgnore = "ignore" // value for Version.Check to not perform update check
-)
-
 // Config is used to load IPFS config files.
 type Config struct {
 	Identity  Identity         // local node's peer identity
diff --git a/config/version.go b/config/version.go
new file mode 100644
index 000000000..5cc469485
--- /dev/null
+++ b/config/version.go
@@ -0,0 +1,39 @@
+package config
+
+import "time"
+
+// Version regulates checking if the most recent version is run
+type Version struct {
+	Check             string        // "ignore" for do not check, "warn" and "error" for reacting when obsolete
+	Current           string        // ipfs version for which config was generated
+	UpdateCheckedTime time.Time     // timestamp for the last time API endpoint was checked for updates
+	UpdateCheckPeriod time.Duration // time duration over which the update check will not be performed
+}
+
+// supported Version.Check values
+const (
+	CheckError  = "error"  // value for Version.Check to raise error and exit if version is obsolete
+	CheckWarn   = "warn"   // value for Version.Check to show warning message if version is obsolete
+	CheckIgnore = "ignore" // value for Version.Check to not perform update check
+)
+
+var defaultUpdateCheckPeriod = time.Hour * 48
+
+// EligibleForUpdateCheck returns if update check API endpoint is needed for this specific runtime
+func (v *Version) EligibleForUpdateCheck() bool {
+	if v.Check == CheckIgnore || v.UpdateCheckedTime.Add(v.UpdateCheckPeriod).After(time.Now()) {
+		return false
+	}
+	return true
+}
+
+// RecordCurrentUpdateCheck is called to record that update check was performed and showed that the running version is the most recent one
+func (cfg *Config) RecordCurrentUpdateCheck(filename string) {
+	cfg.Version.UpdateCheckedTime = time.Now()
+	if cfg.Version.UpdateCheckPeriod == time.Duration(0) {
+		// UpdateCheckPeriod was not initialized for some reason (e.g. config file used is broken)
+		cfg.Version.UpdateCheckPeriod = defaultUpdateCheckPeriod
+	}
+
+	WriteConfigFile(filename, cfg)
+}