The cryptocurrency industry has just experienced the most anticipated event, the third to half of Bitcoin (BTC). The last block of 12.5 Bitcoin was mine by F2Pool and encoded the message: “NYTimes 09 / Apr / 2020 With $ 2.3T Injection, Fed’s Plan Far Exceeds 2008 Rescue”, paying homage to Satoshi Nakamoto, the creator of the token. Antpool got lucky mining the first block of 6.25 Bitcoin. Bitcoin’s first halving took place in November 2012 and was mine by Slushpool, while the second one took place in July 2016 and was mine by F2Pool.
Post-halving will always see a positive adjustment
The market has seen some volatility in the last 60 blocks leading up to the halving, however, the price of Bitcoin has remained in the $ 8,500 to $ 9,000 range for a 24 hour window during the event.
The average block production time was around 7.5-8.5 minutes per block 24 hours before halving, and we see an increase in block time after halving, averaging 11 minutes per block within 12 hours of halving. With the sample available, we can safely conclude that the network experienced a drop in hash rate after halving, as indicated by longer than average block production times before halving.
According to In the Bitcoin Difficulty Estimator, the current network pace is about 53 blocks ahead of schedule. This may be because miners ramp up block production in the 24 hours before halving. With the current estimate, the next change in difficulty will occur in about six days, with an upward adjustment of 4% to 5%. However, block production time could change dramatically within six days as miners try to adjust their operations.
Slight increase in transaction fees to subsidize miners’ incomes around halving in 2020
A number of trades were steadily trending upward in the 24 hours leading up to the halving, with an average of 1,959 contained trades per block.
Total transaction fees roughly doubled around the halving, from a fraction of a Bitcoin to more than a Bitcoin, and eventually fell back to pre-halving levels.
The network saw a slight increase in average fees per transaction over the last 50 blocks, and in the first 20 blocks after the halving, average fees decreased and remained relatively stable.
Before the halving, miners’ income from royalties was only one digit of the total income they would receive. There was an immediate increase in miners’ income thanks to the fees after the halving due to the halving of the reward. Twelve hours after the start of the era of 6.25 block subsidies saw miners’ royalty income plummet to a lower level, but remained around 10% per block on average.
It should also be noted that Slushpool mine the 630,001st block, which contains almost 18% transactions and costs around 1.369 BTC in fees. It is the block with the highest miners’ incomes since the halving.
Happy halving Bitcoin in 2020! Countdown to 2024
Bitcoin was born at a time when banks and the traditional financial sector were facing turmoil. Yet over 11 years later, the industry is working together to bring the Bitcoin and cryptocurrency industry to the global stage.
The coded coinbase parameter for block 629,999, “NYTimes 09 / Apr / 2020 With $ 2.3T Injection, Fed’s Plan Far Exceeds 2008 Rescue” echoes Satoshi Nakamoto’s coded message for block 0, “The Times 03 / Jan / 2009 Chancellor on edge of second bailout for banks. It reminds us why Bitcoin was created: to provide a more reliable money system.
We look forward to seeing future Bitcoin halves with the world. This is just the beginning.
This article was co-authored by Fanger Cabbage and Johnson xu.
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