Today’s edition is brought to you by LightLink – an Ethereum Layer 2 blockchain that lets dApps and enterprises offer users instant, gasless transactions.
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GM. This is Milk Road, The crypto newsletter that has better service than the US Postal Service. We deliver on Sundays.
Here’s what we got for you today:
- What Bitcoin looks like after the Halving 👀
- The Dogecoin IP got bought! 🍪
Prices as of 1:30 PM ET. Click here for our Fear & Greed Index
WHAT BITCOIN LOOKS LIKE AFTER THE HALVING 🪂
It finally happened… the Bitcoin Halving is now complete.
And boy, was it a doozy:
1/ The first post-halving block generated 37.626 BTC (worth $2.4M) in fees
1 Bitcoin block gets mined about every 10 minutes.
On average, each of these blocks contains 2,000+ transactions.
And whenever a Halving happens, everyone races to get their transactions in the first post-halving block.
It’s the crypto equivalent of saying ‘I was there’.
Well, check it out. The first block ended up generating $2.4M in fees - a new record.
2/ One person even paid $700K to get their transaction into the first block…
On today’s episode of Sh*t-You-Only-See-In-Crypto:
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And now back to your regularly scheduled programming…
3/ Bitcoin fees have spiked after the Halving
- Before the Halving, the average transaction fee was ~$20…
- After the Halving, it jumped to as high as ~$240…
Right now it’s currently sitting at about $128...
(What is this, the blockchain or Ticketmaster?)
4/ Miners are making more money than before the Halving…
Miners are supposed to make less money when the Halving happens. That’s because their mining rewards get cut in half (hence, the name - the Halving).
Well, this time around, miners are making more money than before. In fact, yesterday miners raked in a whopping $78M in transaction fees.
Before the halving, miners were making ~1 BTC in transaction fees per block.
Right now, it’s ~5 BTC in fees per block.
So, instead of revenue getting cut in half… it’s 5’xed. Not too shabby. We’ll have to wait and see how long this can last!
If the halving has you confused about how BTC will perform moving forward, then check out our PRO Report from a few weeks ago “Will $BTC Outperform Altcoins This Cycle?” for our bull case on Bitcoin.
BITE-SIZED COOKIES FOR THE ROAD 🍪
Wanna team up with the Milk Man? We currently have 4 positions open - check ‘em out and apply here!
The ‘Own The Doge’ DAO has secured legal rights to the Shiba Inu meme used for the Dogecoin token. The project said they reached out to Sato roughly three years ago and were able to negotiate a deal to purchase the rights to Kabosu’s image by working with legal experts in Japan and the United States.
Tether is launching its USDT and XAUT stablecoins on the TON blockchain. USDT on TON went live yesterday and XAUT on TON will follow in the coming months.
Grayscale has announced more details about its new fund, the Bitcoin Mini Trust. The fund will be listed on NYSE Arca under the ticker $BTC and charge a fee of 0.15%.
A group of investors have agreed to settle their civil case against Sam Bankman-Fried in exchange for his cooperation in their case against celebrities who promoted FTX. This includes celebrities like Tom Brady, Gisele Bündchen, Shaquille O’Neal, and more.
A scammer pled guilty after creating a fake Coinbase website to steal users’ funds. The guy created a spoofed Coinbase site which let him steal login credentials from users. In the end, he stole ~$9.5M.
MILKY MEMES 🤣
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— Milk Road (@MilkRoadDaily)2:49 PM • Apr 21, 2024
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
