Bitcoin Halving: One Year On

One year after the 2024 halving, the post-cycle data is in — and a lot of conventional wisdom got reset.

Hashrate has tripled since the halving, not contracted. Miner economics stabilized at a healthier-than-expected level. Public miners reporting all-in production costs in the $42-50K range against a price near $76K.

What the cycle did not do

It did not produce a cleanly mapped 2017/2021-style retail mania. Inflows came largely through ETFs and corporate treasuries rather than retail wallet creation. Coinbase retail volumes below previous cycle peaks despite higher price.

The TFZ read: the cycle is structurally different. Treat the historical halving playbook as priors, not predictions.