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At 8:10 pm ET Friday in New York, Bitcoin mining rewards per block officially decreased, signaling the arrival of the highly anticipated Bitcoin Halving event. Occurring approximately every four years, this event saw the block reward drop from 6.25 BTC to 3.125 BTC, impacting mining operations worldwide. ViaBTC mined Bitcoin’s 840,000th block on Friday evening, marking a pivotal moment in the industry.
The Bitcoin Halving has historically influenced the cryptocurrency market, often catalyzing bull markets despite the event’s small sample size. Analysts note significant price surges following previous halvings, with Bitcoin’s price soaring nearly 100 times within a year after the first halving in 2012. However, immediate post-halving market reactions have remained relatively stable, with Bitcoin trading around $63,783 at the time of publication.
While the halving’s impact on Bitcoin’s price is closely watched, mining companies face immediate changes, adapting to lower rewards per block. Industry players have prepared for the halving through various strategies, including acquisitions, cost-cutting measures, and revenue diversification. Nonetheless, observers anticipate challenges ahead, particularly for miners with weaker financial positions and higher operating costs. Acquisitions and consolidation within the mining sector are expected as companies navigate the post-halving landscape.
Blockworks