The cryptocurrency manufacture has just experienced the well-nigh anticipated consequence, Bitcoin'southward (BTC) third halving. The last 12.5 Bitcoin block was mined past F2Pool and encoded the message: "NYTimes 09/Apr/2020 With $2.3T Injection, Fed's Plan Far Exceeds 2008 Rescue," paying tribute to Satoshi Nakamoto, the token's creator. Antpool was in luck, mining the first vi.25 Bitcoin cake. The start Bitcoin halving happened in November. 2022 and was mined past Slushpool, while the second having happened in July 2022 and was mined by F2Pool.

The post-halving will still see a positive adjustment

The market experienced some volatility during the final 60 blocks leading up to the halving, however, the Bitcoin toll stayed within the $eight,500–$9,000 range for a 24-hour window during the result.

Price per block

The average block production fourth dimension was roughly 7.five–8.5 minutes per block 24 hours prior to the halving, and nosotros see an increase in cake fourth dimension postal service-halving, with an boilerplate of 11 minutes per block in the 12 hours following the halving. With the bachelor sample, we can safely conclude that the network has experienced a hash rate decline post-halving, every bit indicated past longer block product times than the pre-halving boilerplate.

Co-ordinate to the Bitcoin difficulty estimator, the current network pace is roughly 53 blocks ahead of schedule. This may be due to miners pushing block production faster in the 24 hours leading up to the halving. With the current estimate, the next difficulty change volition happen in roughly six days, with an upwardly adjustment of 4%–5%. Withal, the block product time could shift significantly within six days as miners try to adjust their operations.

Slight uptick of transaction fees to subsidize miners' revenue around the 2022 halving

A number of transactions were consistently showing an up trend in the 24 hours leading up to the halving, with an average of 1,959 transactions contained per cake.

Number of transactions

Full transaction fees roughly doubled around the halving from a fraction of a Bitcoin to more than one Bitcoin, and eventually dropped back to the pre-halving level.

Total transaction fees

The network has seen a slight uptick of boilerplate fees per transaction during the last l blocks, and in the kickoff 20 blocks subsequently the halving, the boilerplate fees have been decreasing and stayed relatively stable.

Average fees per transaction

Prior to the halving, miners' revenue from fees simply accounted for a single digit of the total revenue that they volition receive. At that place was an immediate spring in miner revenue from fees post-halving due to the advantage being cut in half. Twelve hours into the 6.25 cake subsidy era saw miners' revenue from fees dropping to a lower level, but they stayed virtually ten% per block on average.

Miner revenue from fees

It is also worth noting that Slushpool mined the 630,001st block, which contains most eighteen% transactions and cost roughly 1.369 BTC in fees. It is the block with the highest miners' revenue from fees so far since the halving.

Happy 2022 Bitcoin halving! Now counting down to 2024

Bitcoin was born during a time when banks and the traditional finance industry faced turmoil. Even so, more than 11 years later on, the industry is working together to bring the Bitcoin and cryptocurrency manufacture to the world stage.

The encoded 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 encoded message for cake 0, "The Times 03/January/2009 Chancellor on brink of 2d bailout for banks." This reminds us why Bitcoin was created: To provide a more trustworthy monetary organization.

We look frontward to witnessing time to come Bitcoin halvings with the whole world. This is just the beginning.

This article was co-authored by Fanger Chou and Johnson Xu.

The views, thoughts and opinions expressed here are the authors alone and do not necessarily reverberate or stand for the views and opinions of Cointelegraph.

Fanger Chou is a blockchain lover with a demonstrated history of working in the blockchain manufacture. She is currently the senior analyst at TokenInsight, a company that provides investment research, ratings, data analysis, manufacture insights, investment direction services, industry consulting, etc.

Johnson Xu is a devoted fintech professional with a groundwork in finance and estimator science and with substantial exposure to the cryptocurrency/blockchain manufacture. He is currently the principal annotator and leads research initiatives at TokenInsight, a visitor that provides investment research, ratings, data analysis, industry insights, investment management services, manufacture consulting, etc. His previous experience includes a global, tiptop-tier cryptocurrency exchange and a Fortune 200 consulting company.