At 8:10pm ET, Friday evening in New York City, the per-block rewards for bitcoin mining were finally announced. It was a unique industry event that is likely to cause ripples.
A Bitcoin halving occurs approximately every four years. With the 2024 halving complete, the block reward that miners collect now stands at 3.125 BTC — down from 6.25 BTC.
ViaBTC has mined Bitcoin 840,000’s block Friday night.
Due to its historical effect on the bitcoin price, industry participants have been thinking about the halving.
Bitcoin halves have catalyzed crypto bull markets despite the limited sample size.
Bitcoin’s price grew nearly 100 times from $12 on Nov. 28, 2012 — the date of the first Bitcoin halving — to $1,164 some 367 days later, Berenberg Capital Markets analysts said in a 2023 report.
It took BTC, after the 2016 halves, 524 day to climb from around $650 up to an all-time high of $19 712, according to the report. In November 2021 Bitcoin reached a record high of over $69,000, just 549 days following the bitcoin halving in 2020.
Please read the following: This Bitcoin halving will be different — the institutions are here
Bitcoins’ price remained roughly the same immediately after the event. Coinbase reports that the price was $63,783 when this publication went to press.
Fineqia research analyst Matteo Greco pointed out in a research note earlier this month that BTC for the first time reached a new price record leading up to the halving — “a departure for previous cycles” This could be a sign of uncertainty as to what comes next.
Bitcoin’s latest record price was more than $73,500. This occurred on March 14, 2019.
“If historical trends hold true, we might anticipate the peak of this cycle occurring between the fourth quarter of 2024 and the first half of 2025,” Greco told Blockworks previously.
In addition to the expected impact of the bitcoin price halving, this event will also affect mining companies who now begin collecting lower rewards per blocks.
Players in the industry had been preparing for the halving in a number of ways — from acquiring mining sites and machines to cutting costs and diversifying revenue sources.
Still, segment observers expect pain to hit a number of miners in the coming weeks and months — particularly those with weaker balance sheets and higher energy costs.
Some investors with greater capital have indicated that they may opt to purchase machines, companies or sites in the next few months.
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