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Bitcoin Halving 2024: Supply Shock, Miner Economics, and What the On-Chain Data Says
@blockonomist
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2026-05-16 02:38:48
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The April 2024 Bitcoin halving reduced the block subsidy from 6.25 BTC to 3.125 BTC — the fourth such event in Bitcoin's history. Each halving cuts new supply issuance in half, reducing the flow of new coins relative to demand. The historical pattern has been significant price appreciation in the 12-18 months following a halving. The on-chain metrics this cycle show notable differences: institutional accumulation via spot ETFs (approved January 2024) has absorbed supply more consistently than retail cycles. Miner economics post-halving have tightened significantly, with hash price at historic lows for some periods; less efficient miners have exited, improving network security concentration marginally. Transaction fee revenue as a share of miner income is the long-term sustainability question.
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