Looking back at the 2024 Bitcoin halving: what did it teach us?

What is a halving again?

Roughly every four years, the reward that Bitcoin miners receive for adding a block is cut in half. In April 2024 that reward dropped from 6.25 BTC to 3.125 BTC per block. The goal is simple: gradually slow the issuance of new bitcoin until, somewhere around 2140, a maximum of 21 million coins exist.

What happened to the price?

In the months before the halving the price had already risen sharply, driven by the approval of spot ETFs in the United States. After the halving itself came a typical period of consolidation: not the explosive rise some expected, but no collapse either. It was only in the autumn of 2024 that Bitcoin broke through to new highs.

The lesson: a halving rarely acts like a switch. The effect filters through over several quarters, and the broader macro environment (interest rates, liquidity, ETF inflows) matters at least as much.

Consequences for miners

For mining companies the halving was challenging. Income per terahash halved in one stroke, while energy costs and hardware investments simply continued. Inefficient machines were unplugged en masse, especially in regions with expensive electricity.

At the same time, the shift toward sustainable energy accelerated. More and more miners seek locations with surpluses of wind, hydro or solar power, simply because that is the only place where the margin is still healthy.

On-chain signals

The hashrate recovered surprisingly quickly: new ASIC generations made up for the loss of old equipment. The number of long-term holders kept growing, which points to confidence in the scarcity narrative.

What does this mean for you?

• A halving is not a short-term strategy. Anyone thinking shorter than a year is looking mainly at liquidity and sentiment.
• Scarcity remains Bitcoin's core story, but it is a slow story.
• Be careful with companies that built their business model entirely on the old reward.

This article is informational and not investment advice.