Right before halvingiem. hash rate Bitcoin almost reached his new ATH. Unfortunately, soon after halvingu (as expected by many analysts) we have seen drastic falls. Citing the data provided by blockchain.com, 7-day average network HR BTC, increased for the first time since May 11. Admittedly, a small reflection of only 1% may suggest slow stabilization of this very important indicator.
First positive Hash Rate reading in 11 days
May 22 Hash Rate fluctuated at 94.6 million H / s, the previous day the value was 93.6 H / s, which is an increase of 1.11%. Just before halving, the new ATH was at hand, but unfortunately everything indicates that we will have to wait for the new record.
Drastic drops in the power of the BTC network have caused concern among many analysts. Many claimed that Hash Rate fell into a “spiral of death” and fell to the bottom. A ray of hope gives the last positive reading.
After halving, as expected, many miners capitulated. Reducing the mining prize by half has pushed many out of the market.
The decrease in Hash Rate also had an impact on the amount of adjustment of the difficulty of digging BTC. This, in turn, fell from 16.1 T to 15.1 T. From a miner’s point of view, this is a good signal, as it may encourage some of them to return.
One of the most important factors affecting the profitability of Bitcoin mining is course, which at the time of writing this article is around USD 9200. Drastic fall in exchange rate, oldest kryptowaluty the world will certainly contribute to the next wave of miners’ surrender. In turn, increases will encourage new miners to support the network.
Fees increase by over 2000%
Looking at the data from the Bitcoin network, it is impossible to go past drastically increasing transaction fees. The average fee value increased by 2213% compared to the beginning of the year. Over 94 MB of pending transactions in Mempool means that the network is now as clogged as in January 2018.
Bitcoin users can freely set their fees to zero. This was a common phenomenon at the beginning of the network’s existence, but today miners more often ignore such transactions or reject them completely.
Fortunately, as the time goes by, the network situation should slowly stabilize. Positive readings from Bitcoin Hash Rate are the best signal.