Bitcoin Miners React to Fourth Halving: Hashrate Hits New All-Time High

The fourth Halving event for Bitcoin has recently been completed, cutting the block rewards for miners in half. This event, which occurs roughly every four years, has a significant impact on the mining community as it affects their income stream. Historically, miners have relied heavily on block rewards rather than transaction fees for their earnings.

One way to gauge how miners are reacting to the event is through their hashrate, which reflects the computing power they have connected to the network. Following previous Halving events, the hashrate has typically dropped as some miners find it unprofitable to continue mining Bitcoin. However, this time around, the 7-day average Bitcoin hashrate hit a new all-time high of 650 EH/s on the day of the event.

While the hashrate has since declined slightly, it is still hovering around all-time high levels, indicating that only a few miners have disconnected so far. The spike in transaction fees, thanks to the introduction of Runes for the cryptocurrency, has contributed significantly to miner revenue post-Halving. This may be one reason why miners are sticking around despite the reduced block rewards.

In terms of price, Bitcoin is currently trading at around $66,100, showing a more than 3% increase over the past week. The overall sentiment among miners seems positive, with the hashrate remaining strong and the price of Bitcoin on the rise.