The much-anticipated Bitcoin halving was completed late on Friday, April 19, 2024. Early reactions followed the landmark event, including changes in the average block revenue and fee reward on the Bitcoin network.
In a recent post on X, renowned Chinese crypto journalist Colin Wu highlighted visible changes since the Bitcoin halving completed at block height 840,000. According to Wu, data from OKLink revealed that due to Runes minting, the average revenue per block on the Bitcoin network reached 21.74 BTC.
According to OKLink, due to rune minting, in the 15 blocks since the Bitcoin block height 840000 completed the halving to 840014, the average revenue per block has reached 21.74 BTC, of which the average transaction fee reward per block is as high as 18.62 BTC.…
— Wu Blockchain (@WuBlockchain) April 20, 2024
Wu’s report comprised revenue for the 15 blocks, including blocks 840,000 to 840,014 since the Bitcoin halving’s completion. He further noted that the average transaction fee reward per block rose as high as 18.62 BTC.
It is essential to note that the changes highlighted by Wu are the initial fallouts from the Bitcoin halving event. With the expiry of the countdown and the event’s completion, Bitcoin achieved its fourth halving since its creation in 2009. Following the event, the crypto community will focus on the resulting impact, especially how the price of Bitcoin and other cryptocurrencies will develop.
Notably, previous Bitcoin halvings led to parabolic rallies in the Bitcoin and altcoins market. The rallies resulted in new all-time highs in the price of Bitcoin and many other cryptocurrencies. Over the years, the Bitcoin halving became a landmark event that kickstarted the bull cycle, injecting significant volatility into the crypto market.
Wu’s observation marks the early impact of the recently completed Bitcoin halving, with the crypto community looking out for more reactions. However, the landmark event’s constant result is the block rewards reduction for Bitcoin miners. With the recent Bitcoin halving, miners will receive 3.125 BTC in block rewards against the previous 6.25 BTC reward before the event.
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