Bitcoin Halving Event Triggers 840,000th Block as Price Holds Steady
The oldest and largest blockchain hit a major milestone in the early hours of Saturday morning, as Bitcoin reached its 840,000th block and triggered the highly anticipated halving event. Despite all the excitement leading up to the event, the price of BTC remained steady, hovering around $63,000.
The halving event, which occurs approximately every four years, cuts the rewards given to Bitcoin miners in half for generating each new block. This has a direct impact on mining firms, pools, and independent miners, as well as the broader crypto community who closely watch the event for its potential impact on the price of Bitcoin.
Leading up to the halving, Bitcoin had experienced a rollercoaster of price movements, including a drop to $59,573 followed by a recovery above $65,000. Analysts and experts had differing opinions on the future of Bitcoin post-halving, with some questioning if the recent bull run was already over and others speculating on potential environmental benefits from reduced mining rewards.
As the crypto community eagerly awaits the near- and long-term effects of the halving event on the price of Bitcoin, miners are bracing for a significant change in their rewards. The reward for generating a block has now been reduced to 3.125 BTC, down from the previous 6.25 BTC.
With the future of Bitcoin’s price and mining rewards uncertain, the crypto community remains hopeful and optimistic about what lies ahead. As the impact of the halving event unfolds in the coming days and weeks, all eyes will be on Bitcoin to see how it responds to this significant milestone.
