Encyclopedia on the chain · Historical events (43): Bitcoin’s fourth halving | The halving is not a good thing, it is the last countdown to the end of the Bitcoin issuance curve | Miners’ income has been cut in half, and network security budgets are in red.

Original author：Web3观察哨

Original source：https://www.youtube.com/embed/3KUT9AHrIWM

Web3 On-Chain Encyclopedia · Historical Events · Episode 43 | In April 2024, Bitcoin cut the block reward from 6.25 to 3.125 on the 840,000th block. This was its fourth halving. In this issue, we break down the three lines of issuance curve, miner economy, and safety budget at once. Halving has never been a price increase signal. It is an inflection point for Bitcoin from high inflation to extremely low inflation, and it is also the starting gun for the global mining reshuffle. Core insights in this issue: - The real significance of halving is not in price, but in the issuance curve: for the first time, the annualized new supply of Bitcoin is significantly lower than the annual production of gold, and the supply structure can now be eaten up by institutional funds. - The most easily overlooked risk is the security budget: when the block subsidy approaches zero, the security of the entire network can only be supported by handling fees, and the proportion of handling fees in total revenue is still very low. - So for today's participants, the weight of halving as a trading signal is declining. What is really worth keeping an eye on are the three on-chain curves of computing power, miner reserves and handling fee ratio. About Web3 Observation Post: We bridge the cognitive gap between AI, cryptoeconomics, and the decentralized future. Subscribe and turn on the little bell to be the first to catch the institutional wave. Disclaimer: The video content is for popular science and reference only and does not constitute any investment advice. The crypto market is extremely volatile, so always do your own research. #Web3 #cryptocurrency#onchainencyclopedia#bitcoinhalving#minereconomic#issuance curve chapter: 00:00 - opening hook 00:03 - welcome to listen to Web3 on-chain encyclopedia 00:40 - what exactly is halving: the timer written in the code 02:10 - four halving replays: from fifty coins to three point one and two five coins 03:30 - issuance curve: the other half when the faucet is tightened 04:50 - The income structure of miners: subsidies and handling fees 06:00 - Shutdown price and difficulty adjustment: the power of the escalator 07:20 - Capital game: who is winning in this reshuffle 08:40 - The handling fee spectacle of block 840,000 09:50 - The historical rhyme of the first three halvings 11:00 - Qualitative changes in institutional funding and supply structure 12:10 - Audience action guide: three must-see on-chain indicators 13:20 - ending