Bitcoin Miners React to Fourth Halving
The recent completion of the fourth Halving event for Bitcoin has triggered a response from miners, as they adjust to the reduced block rewards. Miners earn their income from block rewards and transaction fees, making these Halving events significant for their revenue streams.
Bitcoin Hashrate Analysis
One way to gauge miner sentiment is by monitoring the Bitcoin hashrate, which represents the computing power connected to the network. The hashrate can indicate whether miners find the blockchain profitable to mine on or not.
- Hashrate Increase: A rise in hashrate signifies minersโ interest in mining on the network.
- Hashrate Decrease: Conversely, a drop in hashrate may indicate miners finding mining unprofitable and disconnecting from the network.
Bitcoin Hashrate Trend
The 7-day average Bitcoin hashrate hit an all-time high of 650 EH/s on the day of the fourth Halving event. This peak indicates that miners may have capitalized on the higher block rewards before the event.
- Post-Halving Activity: Following the event, the hashrate dipped slightly, but it remains around 629 EH/s.
- Miner Persistence: The minor decline suggests that most miners are still active post-Halving.
Impact of Transaction Fees
Miner revenue from transaction fees has seen a significant spike post-Halving, thanks to the introduction of Runes on the Bitcoin network. While fees now contribute 30% of total miner revenue, their share remains substantial compared to previous levels.
Bitcoin Price Movement
Currently, Bitcoin is trading at $66,100, reflecting a 3% increase over the past week.
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