Bitcoin mining difficulty has been adjusting for a while now. With the hashrate falling as more miners go offline due to declining profitability, mining difficulty has been following pretty much the same trend. However, instead of falling the trend that was persistent through the last two months, the difficulty has been adjusting downward instead.
Instead of difficulty rising as expected, it is declining. After miners saw their cash flow fall over the last couple of months, they have been hard-fought to keep their activities going. The blocks per hour being produced had declined with it given the decreased hashrate.
Related Reading | Here Are Some Events That Point To More Decline In Crypto Prices
The bitcoin mining hashrate had actually touched a new all-time high back in June. But that would be short-lived given the decline in July. Presently, the block production per hour comes out to 5.70, down 7.71% from the previous week’s production rate of 6.18 blocks per hour. As a result, there has been another downward difficulty adjustment, marking two downward adjustments in a row. This comes after difficulty had family recovered to a normal level in the previous week.
An interesting thing that happened though was a one-of-a-kind event that was recorded in the mining space. On Saturday, there was a total of six blocks were discovered in 6-and-a-half minutes, something that is very unlikely. Nevertheless, the hashrate continues to decline.
Hashrate loses momentum | Source: Arcane Research
The decline in bitcoin miner revenue has not been resolved in any way. Last week was no different from the weeks leading up to it as miner revenues had continued to plunge. This time around, revenues took a 1.34% nosedive, coming out to $18.39 million in revenue realized daily compared to the prior week’s number of $18.64 million.
Related Reading | Investor Sentiment Nosedives As Crypto Market Sheds $50 Billion
However, daily fees realized were up even though transaction volumes were down. Fees per day grew 44.37% in the 7-day period to come out at $404,688, compared to the prior week’s 280,310. This increase in daily fees saw the percentage of revenue made up by fees surge by 0.70%. Meaning that revenue from fees made up 2.20% of total revenue, one of the highest it has been.
BTC price trending below $20,000 | Source: BTCUSD on TradingView.com
The fees will turn out to be the only green in a sea of red on-chain metrics. Daily transaction volumes were down by 8.69% while the number of transactions being carried out per day dropped by 1.76%. Others include average transaction volume which recorded a 7.05% decline. Lastly, the average transactions per block dropped from 1,814 to 1,782 in a one-week period to come out to a 1.76% loss.
Featured image from How to Start an LLC, charts from Arcane Research and TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
The Pokémon Company clarified that their new game, Pokémon Trading Card Game Pocket, won't include NFTs, addressing fans' concerns. While NFT integration in gaming faces challenges, the game aims for engaging gameplay and accessible monetisation strategies, prioritising the Pokémon experience.
AnaisEthereum's recent surge above $3,488 on February 28th reflects a broader cryptocurrency market rally. However, the spike in funding rates to 0.07% signals potential risks of overheating and a long squeeze for bullish traders.
WeatherlyJim Cramer's optimistic forecast and growing market anticipation signal potential for Ethereum ETFs, mirroring the impact of Bitcoin ETFs. With upgrades like Cancun and Shapella enhancing Ethereum's capabilities, surpassing previous all-time highs seems within reach, possibly by the third quarter.
AnaisBinance's new listing of Portal's gaming token sparked excitement, leading to a surge in market cap to $425 million. Portal offers cross-chain gaming, allowing easy access to various games and assets, with plans for token staking benefits and further expansion.
JoyHong Kong's Securities and Futures Commission has stopped accepting crypto exchange license applications, with non-compliant exchanges facing closure by 31 May 2024. Licensed operators include OSL Digital Securities and HashKey Exchange, while notable applicants like Bybit and OKX seek approval, though platforms like Coinbase and Kraken are absent.
AnaisOpenAI won a legal battle against Open Artificial Intelligence over the "Open AI" trademark, with a court injunction prohibiting the latter's use of the term. The ruling highlights the importance of protecting intellectual property in the AI industry and raises questions about branding strategies for both companies.
JoyElon Musk has filed a lawsuit against OpenAI, accusing the company of abandoning its open-source mission in favor of profit-driven collaboration with Microsoft. The lawsuit seeks to compel OpenAI to return to its original open-source model and ensure transparency in the development of artificial general intelligence (AGI).
WeatherlyNigeria seeks $10 billion from Binance for alleged illegal transactions, contributing to Naira's fall and economic strain, as the country tightens grip on cryptocurrency exchanges.
AlexBitcoin's price surged to $64,000, influenced by U.S. government wallet transfers and strong demand from newly launched U.S. Bitcoin spot ETFs, signaling a historic bull market.
MiyukiAuckland-based MACSO, funded by US investors, collaborates with Piera Systems to tackle underage vaping using innovative AI technology. Their advanced solution detects vape and cigarette smoke particles accurately, aiming to create safer environments for students globally.
Anais