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Some stylized facts about bitcoin halving

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  • Lashkaripour, Mohammadhossein

Abstract

Bitcoin halvings are associated with two potential phenomena: (1) they limit Bitcoin supply, potentially boosting prices, and (2) they reduce miners’ revenue, which might undermine network security and lower prices. We explore Bitcoin’s response to recent halvings in 2012, 2016, and 2020, aiming to identify the dominant effect. Our findings indicate that halvings slightly depress prices, increase transaction fees, decrease price volatility, and reduce miners’ revenue. We document mixed reactions in other network metrics, such as the total transaction value. While Bitcoin trading dynamics markedly respond to halvings, the sensitivity of network characteristics to these events has diminished over time.

Suggested Citation

  • Lashkaripour, Mohammadhossein, 2024. "Some stylized facts about bitcoin halving," Finance Research Letters, Elsevier, vol. 69(PB).
    • Handle: RePEc:eee:finlet:v:69:y:2024:i:pb:s1544612324012273
    DOI: 10.1016/j.frl.2024.106198
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