Bitcoin’s latest halving is now complete, seeing miners’ block subsidy rewards drop from 6.25 BTC to 3.125 BTC.
This latest halving means that, on average, miners will now produce around 450 BTC in total per day compared to 900 BTC previously. In the long term, there will only ever be 21 million bitcoins in existence. Binance CEO Richard Teng told The Block that the reduction in subsidy rewards could see some miners exiting the market, temporarily impacting the network’s processing abilities before the next difficulty adjustment.
U.S. spot bitcoin exchange-traded funds began trading in January this year and are certainly a differentiating factor this time around, generating over $12 billion in net inflows to date. “The upcoming halving will have a multifaceted impact on the Bitcoin miners by reducing block rewards and shifting profitability and operational costs,” Fritz added. “Miners may seek refinancing options to navigate this shift and maintain operations, and as block rewards diminish, transaction fees will become the primary revenue stream for miners — indicating a shift in the overall Bitcoin economy.
Additionally, a new fungible token standard for Bitcoin called Runes was launched at the halving, offering a more efficient solution than the UTXO bloat caused by the existing BRC-20 minting process. UTXOs represent a specific amount of bitcoin received by a user but not yet spent.
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