Bitcoin Halving Highlights 2024; The Halving Block Rewarded Validator With $2.6M
One of the most anticipated events of the cryptocurrency industry, Bitcoin halving, has finally been completed. The crypto industry has waited four years for this event, making it the most trending topic on social media, with more than 109K posts on X alone.
The Bitcoin halving happens according to the validations of 210,000 blocks. In this 4th halving event, that target was finally achieved last night. The bitcoin halving history has always been exciting as the first Bitcoin halving happened on 28 November 2012, the second finished on 9 July 2016, and the third on 11th May. Finally, the fourth took place on 19 May 2024.
As a result of this BTC halving, 3.125 BTC is the new Bitcoin mining reward after its previous amount of 6.25. But that is not all that happened that day, as a few other events transpired.
In this blog, let us discuss the highlights of the Bitcoin Halving 2024.
Bitcoin Halving Highlights
Bitcoin Halving began around 8:09 p.m. Eastern time zones (5:39 a.m IST) this Friday, instantly implementing the reward output of 3.125 BTCs every 10 minutes. The halving block was the 840,000th block of the Bitcoin network, mined by ViaBTC. With that single validation, the ViaBTC miner gained above 40 Bitcoin in rewards, equivalent to a $2.6 Million value.
The #Bitcoin halving is complete!
Miners now receive 3.125 Bitcoin per block that's produced.
Bitcoin Block 840,000 PAID 3 MILLION DOLLARS in fees to the miner who produced it 🤯🤯🤯 pic.twitter.com/DLDYu7VuCN
— Rajat Soni, CFA (@rajatsonifnance) April 20, 2024
This huge reward resulted from the block subsidy and transaction fees, which are surprisingly much higher than the previous block validation.
Right before the halving block, the previous miner only received 7 bitcoins as the reward worth around $450,000 for their block validation. Though the exact reasons for this were not clear why this happened but is anticipated that the investors were eager for their BTC transactions at that time.
Also Read: Is BTC Price Next Move 50K or 70K?
In the early days of Bitcoin, 50 BTC used to be rewarded for validation, which has continually dropped with each event. In the first halving, the reward price dropped to 25, 12.5 in the second, 6.25 in the third event, and 3.125 BTC in the fourth.
The next Bitcoin halving will happen in 2028, and the BTC reward will reach the 1.5625 mark.
How Bitcoin Halving Impacted The Bitcoin price
At the time of Bitcoin halving, Bitcoin price was hovering around $65,000 and has declined slightly since that moment. At the time of writing, it is $64,100.13 with a market cap of $1,261,748,221,656, which is comparatively lower than the previous day’s price.
Crypto analysts believe that price might continue to decline for the next few days. It is because the miners could initiate a selling spring to recover their losses with the reward slicing.
Also Read: Trader Turned $100 Crypto Investment Into $8.3 Million In A Week; Here’s How He Did It
Hereby, no change has happened in Bitcoin price during and after it. However, all the previous halving has confirmed a price surge or a possible bull in the crypto market. Based on those stats, a price might surge around September-October, initiating a bull run next year. The past records says a bull run to start 518-546 days after the halving.
When Could Bitcoin Peak In This Bull Market?
Historically, Bitcoin has peaked in its Bull Market 518-546 days after the Halving (Chart 1)
This is how typical Bitcoin Halving Cycles have progressed
So if history repeats…
Next Bull Market peak may occur 518-546 days… pic.twitter.com/QXZUS7ZyjU
— Rekt Capital (@rektcapital) April 19, 2024
Bitcoin is still trading at a profiting price and has surged more than 120% in a year interval. And the fintech giants like Bitwise CEO have predicted that Bitcoin price to above the $100K mark before the end of the year.
Conclusion
More than the day of Bitcoin halving, investors have waited for a bullish market condition, but that will take a few months to a year time gap to happen. For now, the halving event has not impacted the crypto market and Bitcoin price in any way.
It has to see what will happen in the next few months. And how this halving and Bitcoin Spot ETF will push the cryptocurrency market.
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