Diving deep into the thirteen-year-old Bitcoin (BTC) ecosystem makes one come across interesting patterns powered organically by investor sentiment and market conditions. With BTC’s per transaction cost coming down to $56.846 on July 14, the ecosystem unveiled a cycle wherein the per transaction costs invariably fall every four years.
The cost per Bitcoin transaction is calculated by dividing miners' revenue by the number of transactions, thus implying an unpredictive trend — however, data from Blockchain.com reveals a pattern many would find satisfying.
The cost per transaction dropped over 81% in July 2022 from its all-time high of $300.331 in May 2021, factored by a combination of a prolonged bear market and fewer on-chain transactions due to regulatory hurdles imposed on the general investors.
However, the rise and fall of the cost per transaction is a pattern seen every four years. Ever since its launch in 2009, Bitcoin’s cost per transaction went through its rollercoaster cycle three times — in 2014, 2018 and 2022.
If history were to repeat itself regardless of market conditions, the cost per transaction would overshadow the current all-time high by 2026, which would be accompanied by an eventual downfall around the $50 range.
Overall, miners’ revenue has also seen a significant reduction throughout the year 2022, with July marking the month of lowest income from Bitcoin mining in over two years.
Related: Global GPU price drops to compensate for falling Bitcoin mining revenue
Impacted by the falling market prices, Bitcoin miners found themselves barely making profits owing to the high operating costs associated with BTC mining. However, falling graphic cards or GPU prices are set to offset the losses as miners get access to affordable mining hardware.
With card manufacturers resuming operations following the end of the global chip shortage, GPU prices declined massively, with some cards selling for below MSRPs. In May 2022, mining hardware prices dropped over 15% on average as supply exceeded the market demand.
Google has filed a lawsuit against three individuals, accusing them of a sophisticated malware scheme. The defendants exploited Google's trademarks, using deceptive social media profiles to distribute malware disguised as upgrades to Google's AI chatbot, Bard. The legal action seeks damages and highlights the growing importance of digital security in the era of AI technology.
JixuThe SEC extends the deadline for Grayscale's Ethereum ETF decision until January 1, 2024, introducing uncertainty into Grayscale's strategic move, amidst a competitive landscape and evolving market dynamics.
JasperDairy Queen Takes a Dip into NFTs with Weirdo Ghost Gang Collaboration in Chengdu, China. The 'Ice and Snow Season' pop-up not only offers treats but also immerses visitors in NFT experiences, highlighting the fusion of traditional business with digital innovation.
JixuThe NHL Breakaway NFT platform, in collaboration with Sweet, enters the digital collectibles arena, providing hockey fans with a unique experience. Priced at $19, the Series 1 starter pack features memorable moments, fostering community engagement and marking a significant milestone in the integration of NFTs in major sports leagues.
JixuThe SEC has prolonged its scrutiny of Grayscale's Ethereum Futures Trust, a decision poised to influence the trajectory of cryptocurrency Exchange-Traded Funds (ETFs) in the US.
CatherineCake Group, led by CEO Julian Hosp, announces a significant retrenchment and restructuring effort to realign with its core business, Bake, impacting 52 team members, while unveiling Cake 2.0 for a strategic shift in focus amidst challenges in the crypto landscape.
JasperDairy Queen surprises Chengdu with an unconventional NFT collaboration with Weirdo Ghost Gang, transforming its outlet into a "ghost ski resort" pop-up, showcasing limited-edition merchandise and a unique ice cream creation, amidst broader industry trends of integrating NFTs into tangible products and strategic considerations in a fluctuating market.
JasperA significant number of OpenSea users have encountered a widespread email phishing campaign, characterised by deceptive tactics such as a fake developer API risk alert and a fake NFT offer.
KikyoPriced at $50 each, the NFTs (1,000 in total) not only grant early access to the physical gear but also offer unique advantages for holders.
BrianPSG and Blvck Paris pioneer a blend of sports, fashion, and digital art with an exclusive NFT launch on Crypto.com, shaping trends at the intersection of style and blockchain innovation.
Hui Xin