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Bitcoin Halving 2024 Part 1: Block Reward, Transaction Fees, and Difficulty
The Bitcoin halving is a core feature of Bitcoin. Roughly every four years, the reward miners earn is halved in order to reduce the new supply of bitcoin to the market, ultimately resulting in a fixed, finite supply of 21,000,000. We cover the event's significant impact on the profitability of mining, and analyse how it has changed over the three halvings that the network has successfully processed. In the sequel, we will discuss the other side of the miner profitability coin – costs – and develop a mining cost metric that will allow us to compare the cost to mine a bitcoin with its market price.
April 18, 2024
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