While the Bitcoin reward halving, which took place on the night between Friday and Saturday last week, is still being talked about extensively by the crypto world, an important information came from the on-chain analysis platform Glassnode.
In their latest report, company analysts stated that Bitcoin surpassed gold for the first time in history in terms of scarcity of newly introduced assets:
“The 4th halving seen in Bitcoin led to a historical change in comparisons between Bitcoin and gold. “When comparing gold and Bitcoin in terms of scarcity of new assets entering circulation, Bitcoin outperformed gold for the first time.”
In the analysis, it was stated that the rate of the yellow metal entering circulation for gold was 2.3%, and the rate of the new coin being included in the system for Bitcoin was 0.83%.
A similar comment came from ARK Invest analyst Yassine Elmandjra. Although the analyst showed the newly mined gold rate lower than Glassnode (1.7%), the figure remained above Bitcoin.
Glassnode analysts also stated that the impact of halvings on Bitcoins in circulation is not only due to the decrease in newly supplied coins, but also due to the significant growth of the ecosystem.
As you may remember, after the reward halving in Bitcoin, the Runes protocol was officially implemented and those who wanted to buy the newly issued Runes tokens on the Bitcoin network caused a great density in the network and transaction costs increased to a record level.
The mining pool ViaBTC, which received a reward of 3,125 BTC from the first block after the halving, earned more than 37 BTC from transaction fees alone.
It was published: 24 April 2024 15:36
Last update: 24 April 2024 15:42
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