Understanding the Bitcoin Halving of 2024.
The Bitcoin Halving of 2024 is a landmark event in the cryptocurrency world, having occurred on April 19, 2024. This event saw the block reward for bitcoin miners halved from 6.25 BTC to 3.125 BTC1. While the immediate market reaction was muted, with Bitcoin trading flat around $63,000, the long-term effects on Bitcoin’s supply-and-demand dynamics are significant1.
What Happened During the Halving?
The halving reduced the rate of new Bitcoin creation to 3.125 BTC every ten minutes1.
The event took place after the validation of the 840,000th block on the Bitcoin network, mined by ViaBTC1.
Interestingly, the miner received over 40 BTC in block subsidy and fees for the halving block, significantly higher than the average1.
What’s Next After the Halving?
Historically, halvings have led to price surges in the following months2.
The scarcity effect may gradually influence Bitcoin’s price as fewer new tokens enter circulation2.
Miners may explore alternative revenue streams to compensate for the reduced block reward1.
Binance: Recent Developments and Updates
Binance, the world’s leading cryptocurrency exchange, has been actively updating its platform and services.
