APRIL 19, 2024 BITCOIN HALVING EVENT (840000 BLOCK MINED) REVIEW. 20th of APRIL , 2024
On the 19th of April, 2024, the 840000 bitcoin block was mined with transaction id 0000000000000000000320283a032748cef8227873ff4872689bf23f1cda83a5 to mark bitcoin halving. Afterwards, the mining rewards was reduced from 6.25btc to 3.125btc per block. It was mined by VIABTC. CLICK HERE FOR MORE INFORMATION.
The effects of bitcoin halving made bitcoin transactional fees rise from regular fees of $0.5 to a whooping fee of $200 per transaction depending on the bytes and priority time. As bitcoin rewards was reduced by half, bitcoin miners increased their mining fees so as to compensate for reduction in rewards and mining expenses (e.g Electricity, maintenance e.t.c). Judging from this current bitcoin halving event, the only way bitcoin miners will get profit after bitcoin halving event is either by increased fees or an increase in the value of bitcoin.
For more information on the current bitcoin mining fees and priority, click here
Consequently, bitcoin halving event 2024 significantly led to an increase in bitcoin fees. Hopefully, the fees will probably reduce afterwards when bitcoin miners adapt to the new block rewards.