In brief
Are miners able to wait?
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$96,699.00
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1.24%$0.00349521
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3.89%$0.969836
0.16%$0.01310259
0.11%$0.109092
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0.10%$96,748.00
1.89%$0.999442
0.00%Reading
The Bitcoin halving is upon us, and the original king of cryptocrypto has closed a major chapter in its history on a bearish trend.
After hitting the $10,000 mark just days ago, recovering from the Black Thursday crash in March, Bitcoin has now erased the bullish expectations among many traders and enthusiasts.
Over the weekend, the price of Bitcoin crashed by more than $1,000 in minutes.
From there, it has slowly recovered, and even managed to touch that psychological resistance level of $9,000 per coin. It was joyous for hodlershodlers while it lasted.
In the hours leading up the halving, however, the Bitcoin bears took over the market, pushing the price down to $8,200. It then corrected to just below $8,500, a drop of more than 14% since Saturday. Just minutes ago, the price shot back up to $8,700, as volatility grips the market.
The price drop could be due to expectations regarding the halving. Miners are important players in the market, since they are responsible for injecting new tokens into the ecosystem. And now that the halving has split mining rewards on the Bitcoin blockchain down the middle, that 50% reduction in mining income may be having an effect.
Miners could have been attempting to sell their holdings at the last minute to secure their operations and perhaps have some degree of confidence in the short term as things calm down.
As Decrypt reported earlier today, Bitcoin previously recorded massive price gains leading up to the first two halvings. But in the days following these events, prices dropped considerably as a result of market nervousness.
But while some may be looking for security in the dollar amid the volatility, others see this as a long-term play.
The Bitcoin halving, one of the most anticipated events in the crypto world, finally happened today at 19:23 UTC by AntPool. Miners who support the most valuable and revered blockchain network in the cryptocurrency ecosystem will now earn half as much as they used to, 6.25 BTC per block, just as Satoshi Nakamoto designed. Today’s milestone occurred when the 630,000th block was mined, triggering a 50% reduction in the reward miners receive. Miners will now receive only half as much Bitcoin per b...
Binance.US CEO Catherine Coley recently explained that Bitcoin’s third halving could be a gigantic boon for Bitcoin, especially considering the US Federal Reserve’s money printing spree and what this will mean for the dollar’s future inflation.
Hodlers may have their sights set on Bitcoin as a long-term hedge—but, still, they probably would have preferred a nice, big green candle on Bitcoin’s third halving day.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
The first satoshi mined on the Bitcoin blockchain after last week’s halving event, mined by Bitcoin mining pool ViaBTC, went up for auction—and fetched a sizable seven-figure sum. The auction of “epic sat” 1,968,750,000,000,000, hosted on the cryptocurrency exchange CoinEX, ended Thursday with a final bid of 33.3 Bitcoin ($2.13 million worth) winning the piece of Bitcoin history. It's not yet clear who won the auction. The auction of the Epic Sat began on April 20, the day after the halving, wit...
It's been roughly four days since Bitcoin (BTC)’s fourth halving event occurred, and market watchers have amassed enough data to give an early verdict on its effects. For one, Bitcoin’s supply inflation rate has collapsed, as expected. Each Bitcoin block—mined roughly once every ten minutes—now produces just 3.125 new BTC, half of its former 6.25 BTC block subsidy. Before the halving, 900 BTC was generated daily, fueling a 1.7% inflation rate. The new figures are roughly equivalent to 450 BTC pe...
Earn a free on-chain NFT by taking our course, "Bitcoin Halving 101: What it Means for Miners and Investors." Every four years, the amount of Bitcoin doled out to cryptocurrency miners halves in a process imaginatively known as the Bitcoin halving (or halvening, though the term has fallen out of favor in recent years). Here’s why—and how—it works. Bitcoin’s supply limit To understand the Bitcoin halving, we must first understand the theory behind its supply. The inventor of Bitcoin, Satoshi Naka...