LIVEDear friends, the fourth halving of #Bitcoin, a major event that occurs every four years in the #Cryptocurrency world, has finally happened. This event marks a critical moment in the industry, reducing the #Bitcoin block reward from 6.25 #BTC to 3,125 BTC. As a result, the daily mining amount of #Bitcoin has been halved and now stands at approximately #450 Bitcoins.
Why is #Bitcoin Halving Important?
The fourth halving is important as it affects #Bitcoin at block height 840,000. This increases the value of unmined #Bitcoin as the current supply decreases, making it more attractive to investors.
This increased interest is evident from the large amount of #BTC moving into accumulation addresses leading up to the event. Ahead of the halving, #Bitcoin showed great volatility, with its price briefly falling below $60,000 and rising to $65,000 within a week.
Generally, halving slows the pace of supply expansion, but causes a 50% reduction in block rewards, to the detriment of #Bitcoin miners. This adjustment could cause a temporary decrease in the hash rate of the #Bitcoin network, as miners with old and less energy-efficient hardware may find their operations no longer profitable and choose to shut down.
Currently, the network hash rate is hovering above 630 Ehash/s, down 13.3% from the peak of 727 Ehash/s set in March, according to BitIinfoCharts data. #Bitcoin's mining difficulty also stands at an all-time high of 86.39 trillion after last week's adjustment, indicating that mining blocks is becoming increasingly difficult.
#Bitcoin has come a long way since Satoshi Nakamoto's last words. There have been significant advances, major updates and breakthroughs throughout the industry. The introduction of spot and future ETFs gave investors access to #Bitcoin and increased its acceptance and appeal in traditional financial circles. These developments highlight #Bitcoin's transformation from a novelty to a globally recognized asset class and shaping the future of finance. $BTC $ETH $BNB