- June 24, 2024
- Posted by: [email protected]
- Category:
The Bitcoin halving is a programmed event that occurs every four years. The Bitcoin halving slashes the reward for miners who successfully validate transactions and adds new blocks to the blockchain. The block rewards were reduced by 50%. This reduction is intended to reduce the supply of the digital currency, thus increasing its value, provided that the market circumstances remain stable. Following its halving, BTC transactions have regained dominance on the Bitcoin blockchain.
The most recent bitcoin halving took place on April 19, 2024. The reward for each block of Bitcoin mined experienced a significant cut, slashing by 50% from 6.25 BTC to 3.125 BTC per block mined. Yet the event passed with insignificance; there was no ceremony or public excitement, and the Bitcoin value held steady, hovering close to the $64,000 mark.
However, post-halving, Bitcoin’s blockchain bandwidth usage overtook 90%. This spike was driven by new token standards and an increased volume of transactions. This was the first time since the last halving event on April 19, indicating a significant surge in network activity.
A chart created by Dune Analytic user Cryptokoryo in a feature article captures a pivotal instance on June 20. It depicts Bitcoin’s commanding lead with 91.4% dominance in transactions, which supersedes Runes at 6.8%, BRC-20 at 1.6%, and Ordinals trailing with a mere 0.2%.
