Bitcoin Just Halved: Miners Will Now Earn 3.125 Bitcoins Per Block

The latest Bitcoin halving event just transpired, cutting the mining reward in half and significantly impacting the cryptocurrency landscape. Now, for every new block added to the Bitcoin blockchain, miners will receive only 3.125 BTC—a pivotal change meant to mimic the scarcity dynamics of resources like gold and potentially enhance the value of existing bitcoins.

This milestone, occurring every 210,000 blocks or approximately four years, is designed to curb the influx of new bitcoins, mirroring an economic strategy that anticipates increased value through reduced supply. As a result of this halving, the competition among miners and users to process transactions on the blockchain has soared, leading to a spike in transaction fees. This surge is evident in the heightened cost to prioritize transactions, with fees per transaction recently peaking at $148.47.

However, this increase in transaction fees is expected to be temporary. As the market adjusts to the new reward dynamics and the initial rush subsides, these fees are showing signs of tapering off to more regular levels.

ViaBTC, a prominent mining pool, was the lucky miner who successfully mined the landmark 840,000th block. This particular block not only yielded the new standard reward of 3.125 BTC but also amassed a hefty 37.6 BTC in transaction fees, culminating in a total earning of approximately $2.6 million for ViaBTC. This event underscores the lucrative, though increasingly challenging, environment that Bitcoin miners are navigating post-halving.