Bitcoin users collectively spent 37.7 BTC in fees, equivalent to over $2.4 million at current prices
Bitcoin underwent its fourth halving at 12:09 am UTC on April 20, 2024, a pre-programmed adjustment that occurs every four years to manage the cryptocurrency's supply. This event reduces the mining reward by half, which directly impacts Bitcoin miners' profitability. Historically, halving events have preceded substantial increases in Bitcoin's price, as the reduced supply leads to increased demand for new bitcoins.
Bitcoin halving is an automatic adjustment to the reward miners receive for verifying transactions and adding them to the blockchain. Initially set to distribute 50 bitcoins per block, this reward halves every 210,000 blocks. The latest halving reduced the reward from 6.25 to 3.125 bitcoins per block. This ensures that the total supply of Bitcoin caps at 21 million. Notably, as of April 2024, there were approximately 19.69 million bitcoins in circulation, with only around 1.31 million yet to be released through mining rewards.