The Bitcoin network completed its fourth "halving" event on Friday, reducing the block reward for miners from 6.25 BTC to 3.125 BTC. In the weeks leading up to the halving, the price of Bitcoin was volatile and fell around 4% to around $64,100. Halvings do not directly impact short-term prices, but past events saw large run-ups afterward. The halving cuts mining industry revenues in half are expected to trigger consolidation as smaller miners face challenges to remain profitable. Top mining stocks saw huge gains in 2023 but have declined as the halving approached.
