Bittime - Bitcoin's fourth halving has been completed. This is how miners reacted to this event regarding their total hashrate.
What happens during the Bitcoin Halving? How will the price of BTC develop in the future? With click on this link, you will find the answer.
Bitcoin 7-Day Average Hashrate Hits New Record
Halving is a periodic event for Bitcoin where the block reward i.e. the reward a miner receives for solving a block on the network is permanently reduced by half.
This event occurs approximately every four years, with the most recent being completed. This is the fourth Halving experienced by this cryptocurrency, and its block reward is now down to 3.125 BTC from 6.25 BTC.
Bitcoin miners earn income from two sources, block rewards and transaction fees. However, historically, the former has been the more dominant revenue stream, as transaction costs are often relatively low.
Since Halvings greatly influence block rewards, this event is naturally relevant for miners. One way to track miners' reactions to these events is through their hashrate.
Check Today's Crypto Market:
Hashrate Bitcoin
“Hashrate” refers to the computing power possessed by Bitcoin miners connected to the network. These value changes can reflect sentiment among miners.
When this indicator increases, it means that miners find the blockchain interesting to mine at the moment. On the other hand, a drop could indicate that some miners consider it unprofitable to mine BTC and decide to disconnect from the network.
As analyst James Van Straten explained in a post on X, Bitcoin mining hashrate always drops after a Halving event.
But what about this time? Did the miners give up? Here is a graph showing the trend in the 7-day average Bitcoin mining hashrate over the past year.
How to Buy Crypto:
Bitcoin Mining Results
As can be seen from the graph, Bitcoin's 7-day average hashrate actually recorded a new record high (ATH) of 650 EH/s on Halving day. This could mean that miners are not too worried about the Halving, or perhaps they are just making a final push to get a higher block reward while it lasts.
Although this metric fell after the event, indicating that some miners were disconnected, it still hovered around 629 EH/s, indicating that the decline was not significant and that the hashrate remained at ATH levels.
So, only a few miners have been affected so far. However, this still does not necessarily mean that miners are more persistent this time. As Straten has discussed in other X posts, miner earnings from transaction fees have been quite extraordinary since the Halving.
This sharp increase in transaction fees occurred due to the arrival of Runes for cryptocurrency, a new protocol that allows users to create fungible tokens on the Bitcoin network.
Although the hype has died down a bit, as fees now account for 30% of a miner's total revenue rather than more than 75% as before, the percentage of revenue they contribute is still quite high compared to the past, and this is perhaps the reason why miners are staying put post-halving.
Check Crypto Prices Today:
BTC price
Bitcoin is trading around $66,100, up more than 3% over the past week.
How To Buy Bitcoin (BTC) With Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with BTC IDR pairing.
To be able to buy BTC tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn How to Buy Bitcoin (BTC) on Bittime.
Monitor price chart movements of Bitcoin (BTC), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Too:
Mining Bitcoin vs Validating Bitcoin Transactions
Bitcoin Last 30 Days: Bitcoin Halving Impact
Bitcoin Trading Strategies: How to Make Money from Bitcoin
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.