Bitcoin experienced a 1.5% increase over the last 24 hours following the successful completion of the fourth Bitcoin halving event, signifying a notable reduction in miner rewards. The event, which occurs every 210,000 blocks, has seen the reward for mining a block drop from 6.25 BTC to 3.125 BTC.

The fourth Bitcoin halving event, a programmed process in the Bitcoin protocol, has taken place after the 840,000th block was mined. This event, which occurs approximately every four years, is designed to manage scarcity and regulate the inflationary supply of Bitcoin.

As a result of the halving, Bitcoin miners will now receive 3.125 BTC per mined block, down from the previous 6.25 BTC. This process effectively slows down the rate at which new Bitcoin is created. The last three halvings occurred in 2012, 2016, and 2020, leading to significant drops in mining rewards over time.