Bitcoin Halving: 12 Months of Market Impact

One year on from the fourth Bitcoin halving, what actually happened to price, miners, and the broader crypto market?

The fourth Bitcoin halving occurred in April 2024, reducing block rewards from 6.25 BTC to 3.125 BTC. Twelve months later, we can look at the actual data and understand what the halving really means for the market.

The Price Action

Bitcoin traded around $65,000 at the halving. Over the following 12 months it broke through $100,000, pulled back to $80,000, and reestablished a new range. The halving combined with ETF approvals made it difficult to isolate the precise impact — but the directional move was clear.

• Bitcoin hashrate hit all-time highs within 3 months of the halving
• Mining difficulty adjusted upward 12 times in the year post-halving
• Miner revenue from fees surpassed block reward during Ordinals activity spikes
• Next halving: expected 2028, block reward drops to 1.5625 BTC

The Long Game

Each halving reduces new supply, increasing scarcity. By 2032, over 97% of all Bitcoin that will ever exist will have been mined. The halvings are Bitcoin's most predictable feature — and one of the strongest long-term arguments for its value proposition.