Bitcoin The halving occurred as expected late on Friday, April 19, 2024, with initial reactions to elements of this milestone event including changes to the average block revenue and fee rewards on the network.
Prominent Chinese crypto journalist Colin Wu, in a recent article, stated that visible changes occurred after the Bitcoin halving completed at block height 840,000. to Wu according toAccording to data from OKLink, the average revenue for each block on the network reaches 21.74 BTC.
According to OKLink, due to rune minting, in the 15 blocks since the Bitcoin block height 840000 completed the halving to 840014, the average revenue per block has reached 21.74 BTC, of which the average transaction fee reward per block is as high as 18.62 BTC .…
— Wu Blockchain (@WuBlockchain) April 20, 2024
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Wu’s report included revenues covering 15 blocks between 840,000 and 840,014 since the Bitcoin halving occurred. He also noted that the average transaction fee per block rose as high as 18.62 BTC.
The changes highlighted by Wu are the first results of the Bitcoin halving, which represents BTC’s fourth halving since it began in 2009. As Koinfinans.com reported, upon completion of the event, the crypto community will focus specifically on the impact on the price of BTC and other cryptocurrencies.
Previous halvings have been known to lead to parabolic rallies in Bitcoin and other altcoins. These rallies, many cryptocurrency causing the price of the unit to reach all-time highs. Over time, the Bitcoin halving has become a critical event that started the bull cycle and brought significant activity to the crypto market.
Wu’s observation points to early effects of the recent Bitcoin halving, and the crypto community expects further reaction. However, the immutable consequence of this milestone is the reduction of block rewards for BTC miners. With the last halving, miners faced an outage that reduced their rewards from 6.25 BTC to 3,125 BTC.
