Key Points
- Bitcoin’s network’s hashrate may have found a “post-halving bottom,” but the upcoming difficulty adjustment could be significant.
- Bitcoin’s price surpasses $60,000, following a notable influx into Bitcoin exchange-traded funds (ETFs).
As Bitcoin’s price surpasses $60,000, the network’s hashrate may have reached a “post-halving bottom,” according to analysts. However, they caution that it’s still unclear if the network is fully stabilized.
Bitcoin’s Network Hashrate and Difficulty Adjustment
The network’s difficulty is predicted to undergo a major positive adjustment this week. Analysts suggest that the market should hold off on any conclusions until the impact of the summer on the U.S. grid is seen.
Bitcoin’s 7-day average hashrate has returned above 600 EH/s for the first time since mid-June. Despite this, the uncertainty remains. The upcoming rise in Bitcoin’s difficulty may lead to a minor rally to hashprice, potentially reducing selling pressure from Bitcoin holders.
Effects on Miners and Hashprice
However, transaction fees remain low, which is beneficial for users but not for miners. In the past week, Bitcoin miners earned a mere 97.92 BTC in transaction fees, a decrease of 11.6% from the previous week’s 110.73 BTC.
On a monthly basis, hashprice continues to fall. With the imminent adjustments, the struggling Bitcoin mining industry could use any assistance it can get. This comes after a recent decrease in hashprice, a metric that represents miner revenue per terahash. This hit an all-time low of $44.31/PH/day amid a challenging landscape exacerbated by the German government’s transfer of thousands of Bitcoins.
The mining environment has been more challenging than in May 2021, when Chinese authorities clamped down on crypto mining and trading. This reduced hashprice from 379 PH/day to 203 PH/day.
At the time of writing, Bitcoin’s price has surged past $60,000. This follows a substantial influx of over $300 million into several spot Bitcoin exchange-traded funds (ETFs). This marks the seventh consecutive day of positive inflows for these funds.
