Bitcoin completes its fourth halving, block rewards now at 3.125 BTC
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Bitcoin has reached a significant milestone with its fourth halving event. The block rewards for miners have been reduced from 6.25 BTC to 3.125 BTC, marking a new era in Bitcoin’s journey. As the crypto community celebrates this momentous occasion, experts are already speculating about the potential impact on Bitcoin’s price and the future of the digital asset.
In the last month, 12 meme coins on the Solana blockchain were abandoned shortly after their highly publicized presales. Independent blockchain analyst ZachXBT reported that these meme coins collectively raised a staggering $26.7 million from investors before being deserted.
The recent Bitcoin halving coincided with the launch of the Runes protocol, sparking a flurry of activity on the blockchain. Miners have seen a tripling of revenue, largely driven by a spike in transaction fees as users rush to mint new tokens using Runes. While the current fee levels may be unsustainable, they highlight the potential for miners to generate significant income from network activity.
Today’s Newsletter
- Bitcoin completes its fourth halving, block rewards now stand at 3.125 BTC
- 12 Solana presale memecoins abandoned after just a month
- Bitcoin miners have raked in abnormal transaction fees since halving
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BITCOIN
Bitcoin completes its fourth halving, block rewards now stand at 3.125 BTC
Despite the reduction in block rewards, miners of block 840,000 received a substantial transaction fee, exceeding 37 BTC, worth over $2.4 million. This impressive fee showcases the continued interest and activity within the Bitcoin network. As the halving took place, Bitcoin’s price remained relatively stable above $63,000, with a slight dip following the event.
Bitcoin’s ability to maintain its value during such a significant change in its monetary policy is a testament to its resilience and growing maturity. Bitcoin’s halving events have historically been followed by significant price increases, often occurring several months after the halving. This fourth halving, however, is unique in that Bitcoin has already experienced extraordinary growth leading up to the event, setting a new all-time high of $73,600 on March 13, 2024. [cryptobriefing]
MEME COINS
12 Solana presale memecoins abandoned after just a month
The presale method used for these Solana meme coins is particularly controversial because it invites investment before any substantial evidence of the project’s viability is demonstrated. This has resulted in a swift and severe depreciation of these tokens post-launch, with one such meme coin, “I like this coin,” losing over 99% of its value almost immediately after release.
This scenario mirrors the rampant speculation that previously characterized the 2017 ICO boom on the Ethereum blockchain, where numerous projects failed to deliver on their lofty promises. These events serve as stark reminders of the risks associated with emerging financial technologies, where the blend of innovation and investor enthusiasm can sometimes lead to market excesses and eventual corrections. [cointelegraph]
BITCOIN
Bitcoin miners reap windfall as ‘Runes’ debut sends transaction fees to record highs
Casey Rodarmor’s Runes protocol, which enables the creation of fungible tokens on the Bitcoin blockchain, has garnered significant attention from developers and users alike. However, much of the initial activity has centered around speculative meme tokens, with some collections seeing sharp drops in value. Despite this, the protocol’s launch demonstrates the growing interest in expanding Bitcoin’s functionality beyond its traditional role as a store of value.
The introduction of the Ordinals protocol in January 2023 marked a significant shift in Bitcoin’s capabilities, allowing for the inscription of data directly on satoshis and paving the way for Bitcoin-native NFTs. The launch of Runes takes this a step further, enabling the creation of new tokens on the Bitcoin blockchain. As developers continue to explore the possibilities offered by these protocols, Bitcoin is transforming from a simple digital currency into a platform for innovation and experimentation, attracting a new wave of users and investors. [coindesk]
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