Bitcoin Price Has Surged Over 100% After Halving in May

The leading cryptocurrency, Bitcoin (BTC), has posted tremendous growth after the third-halving event that happened in the past six months. The Bitcoin market began booming notably a month, just when the network hashrate started declining. With a new yearly high above the US$18,000 level, Bitcoin miners are cashing out big-time from the rally, as their revenue soared to pre-halving levels.

Judging by the fact that the block reward was slashed by 50 percent, the increased miners’ revenue shows just how much the cryptocurrency has grown since the halving.

Bitcoin Price Growth Since Halving

The leading crypto underwent its third-halving on May 11, which decreased miners’ block reward by 50 percent, i.e., from 12.5 BTC to 6.25 BTC. Just after the event, the cryptocurrency was seen trading at US$8,566. This reduced reward and BTC value then, forced many small-scale miners out of business, as the activity wasn’t profitable compared to the pre-halving days. 

As a result, the Bitcoin hashrate took a hit at that time, only to surge again in the next month as more ASIC machines were deployed.

Fast forward today, Bitcoin is looking more profitable for both the investors and miners, following its recent upticks in price. The cryptocurrency, which is presently trading at US$18,124, made another all-time yearly high of over US$18,300, according to Coinmarketcap. The current price is more than double the value seen after the third halving event.

Basically, the cryptocurrency is up by 111 percent from the post-halving value and over 150 percent since this year.

Miners’ Revenue

Bitcoin miners’ revenue has grown past the levels they were after the halving. According to the Bitcoin network explorer, miners earned the highest revenue for the year on November 18 at over 21 million. The revenue accounts for both transaction fees they earned and the coinbase block reward. As of yesterday, however, the miners bagged about 19 million in revenue.