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The paper reports on investigations into semi-blind channel estimation for a 2times2 multiple input multiple output (MIMO) system employing the Alamouti coding scheme. The proposed technique is based on an iterative version of Maximum Likelihood technique and uses a suitable weighting of channel matrices in the current and last iterations. In the presented investigations, it is assumed that the channel properties vary gradually, such as in slow and block fading. It is shown that the performance of the proposed semi-blind channel estimation depends on the weighting factor and the rate of fading.