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- Bitcoin Halving Complete
GM 👋
This is the Smoothie Newsletter.
The Bitcoin Halving recently finished!
This means miners are now receiving half the BTC rewards they were getting.
But that doesn’t necessarily mean less money… 👀
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The Bitcoin Halving is complete!
This means that the rewards that miners get will be decreased by half. This makes it significantly harder to acquire BTC which should theoretically make it more expensive. Key word theoretically.
And with it, the first block generated a whopping 37.626 BTC worth $2.4M in fees. Let me repeat that…$2.4 MILLION.
Fees spiked, with one user paying $700K in fees for a single transaction. Might I add it was for a transaction of only $0.97 👀
Post-halving, transaction fees even surged from about $20 to $240!
Despite expected reductions, miners are earning more, with revenues from fees increasing fivefold to approximately 5 BTC per block, totaling $78M on the previous day.
I guess there’s still money to be earned for now!
