The recent halving event marks a significant milestone in the digital assets industry, particularly for Bitcoin, the world's most popular cryptocurrency. This event, the fourth of its kind, entails a reduction in the incentives granted to miners, aimed at slowing the influx of new coins into circulation. However, the implications extend beyond miners, affecting investors and the industry at large.

With the halving event, miners, responsible for validating transactions and adding them to the blockchain, are set to experience immediate consequences. The block reward, previously 6.25 Bitcoins, now stands at 3.125 Bitcoins, signaling reduced rewards for miners' efforts. Data reveals that the current minimum transaction fee on the Bitcoin network exceeds 1,050 sat/vb (approximately worth $94), with over 237,000 transactions pending confirmation and memory usage surpassing 300 MB, reaching 1.15 GB. The recent introduction of runes online and the minting of new runes have contributed to network congestion.

Before the halving, miners witnessed a significant decrease in their Bitcoin holdings, hitting a 12-year low. This trend suggests that miners have been net sellers in the lead-up to the halving. Presently, Bitcoin fees have surged, particularly with Ordinals NFTs and meme coins like PUPS recording high volumes.

Despite expectations, Bitcoin's price has not seen the anticipated surge. Over the last 24 hours, BTC price has declined by 2%, with a drop of over 5% in the last 7 days. The original cryptocurrency is trading at an average price of $63,700, down approximately 13% from its all-time high (ATH) of $73,750 recorded on March 14. BTC's 24-hour trading volume has decreased by 36% to $32.4 billion, with a market cap standing at around $1.25 trillion.

Looking ahead, experts suggest that miners with access to affordable and reliable power sources are better positioned to navigate the post-halving market. However, miners facing limited access to power and efficient machines may be compelled to exit the market, potentially leading to further challenges in maintaining network stability.

Forecasts from institutions like JPMorgan and Deutsche Bank indicate a potential downside in Bitcoin's price following the halving. However, the anticipated demand surge from exchange-traded funds (ETFs) could counterbalance any negative price movements.