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It was the moment most Bitcoin enthusiasts had been waiting for. On Friday at 8:10 p.m. ET in New York, Bitcoin (BTC) experienced its fourth halving at a block height of 840,000; Block rewards have been reduced from 6.25 BTC to 3.125 BTC.
Despite the block reward being halved, miners collected a high transaction fee for block 840,000, according to data from Blockchain.com. The fee exceeded 37 BTC, worth over $2.4 million.
On this historic day, the price of Bitcoin remained relatively stable at over $63,000. The price reached $64,120 at the time of the halving before declining slightly shortly after.
Bitcoin halving has completed – Source: Crypto.com
At the time of writing, Bitcoin is trading at around $63,700, up about 6% in the last 24 hours, according to data from CoinGecko. The cryptocurrency market cap is currently over $2.4 trillion and is up 4% in the last 24 hours.
Most altcoins have recovered from previous losses and are now trading in positive territory. Ethereum (ETH) and Binance Coin (BNB) both gained 5.5% in the last 24 hours. Solana (SOL) is the top performer, gaining 10% and currently trading at around $142.
Toncoin (TON) is the only cryptocurrency currently experiencing a correction. TON is currently trading at around $6, down around 3% in a day.
What happens after the halving?
Since its launch in 2009, Bitcoin has experienced four halving events. These halvings will halve the block reward for miners, which is scheduled to happen approximately every four years.
The next halving is expected to take place in April 2028. This process will continue until all 21 million Bitcoins have been mined, which is expected to occur around the year 2140. After that, miners will rely solely on transaction fees as rewards.
Historically, halvings have been followed by price increases. This is likely due to the lower supply of new Bitcoin, creating scarcity and potentially driving demand.
In the last three halvings, Bitcoin peaked several months after the halving.
However, with the launch of spot Bitcoin exchange-traded funds (ETFs) in the US and increasing institutional adoption, Bitcoin reached a new all-time high of $73,700 back in March. For some analysts, these developments may have already taken into account the price increase expected after a halving, suggesting a post-halving price decline.
Still, the future is unpredictable, especially given current geopolitical tensions that may impact high-risk investments like cryptocurrencies.
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