What Happened During Bitcoin Halving 2024 and What to Do NOW?
So Bitcoin Halving arrived, and you are wondering - what's next?
Halving Event Occurrence: The Bitcoin halving event occurred on April, 20, 2024, at block 840000. It reduced the block reward for miners from 6.25 BTC to 3.125 BTC. This is a programmed adjustment that happens approximately every four years to control Bitcoin's supply, and it happened right on time, as a tribute to Bitcoin's value in the financial world.
Market Reaction: Leading up to the halving, Bitcoin experienced significant price volatility. After falling below $60,000, Bitcoin briefly recovered to $65,000 before the event. This volatility is typical as traders and investors speculate on the price impact of the reduced supply.
Miner Impact: The reduction in block rewards directly impacts miners' revenue, tending to push miners towards more efficient operational practices.
Influence on Bitcoin Network Security: There were concerns about how the decreased reward would affect network security. However, transaction fees, including those from increased ordinal activities, began to constitute a significant part of the miners' income, helping to sustain network security despite the lower block reward.
What to Do Next After the 2024 Bitcoin Halving
Here is a list of services to use right after Bitcoin Halving.
Monitor Market Trends: Historically, halving events are followed by periods of price increase as the reduced supply affects market dynamics. However past events are not indicative of future ones, so always DYOR. Observing market trends following the halving could provide insights.
Strategic Decisions: Diversifying investments and considering various strategies could mitigate risks associated with the high volatility post-halving. Also keep in mind that BTC fees temporarily jumped up right after the halving from around ~$4 to around $40.
Explore Technological Advancements: The growing focus on Layer 2 solutions and other technological advancements on the Bitcoin network post-halving suggests potential new areas for development. Keeping up with these changes could offer new opportunities as the network evolves.
Stay Updated: Staying informed through reliable crypto analysis platforms and tools that track halving events and their impacts can be crucial. This helps in making informed decisions based on the latest data and trends in the cryptocurrency space.
Happy Halving Day!
