- The bitcoin halving was completed late on Friday, April 19, 2024.
- The average yield per Bitcoin block reached 21.74 BTC shortly after the halving event.
- The average transaction fee reward per block increased up to 18.62 BTC from block 840,000 to 840,014.
The long-awaited Bitcoin halving was completed late on Friday, April 19, 2024. Initial reactions followed the landmark event, including changes in the average block yield and fee reward on the Bitcoin network.
In a recent post on X, renowned Chinese crypto journalist Colin Wu highlighted the visible changes since the Bitcoin halving was completed at block height 840,000. According to Wu, data from OKLink revealed that due to the mining of Runes, the average yield per block on the Bitcoin network reached 21.74 BTC .
Wu's report included earnings for 15 blocks, including blocks 840,000 to 840,014 since the completion of the Bitcoin halving. He further noted that the average transaction fee reward per block has increased up to 18.62 BTC.
It is important to note that the changes Wu highlighted are the initial effects of the Bitcoin halving event. With the countdown over and the event complete, Bitcoin has reached its fourth halving since its inception in 2009. After the event, the crypto community will focus on the resulting impact, especially how the price of Bitcoin and other cryptocurrencies will evolve.
Notably, the previous bitcoin halving led to a parabolic rally in the bitcoin and altcoin market. The rallies have resulted in new all-time highs in the price of Bitcoin and many other cryptocurrencies. Over the years, the Bitcoin halving became a milestone that started a bull cycle and introduced considerable volatility to the crypto market.
Wu's observation marks an early impact of the recently completed Bitcoin halving, with the crypto community anticipating further reactions. However, a constant result of this major event is a reduction in block rewards for Bitcoin miners. With the recent Bitcoin halving, miners will receive 3.125 BTC in block rewards, up from the previous reward of 6.25 BTC before the event.
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