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A closer look at Bitcoin’s network hash rate after halving

May 14, 2020

The cryptocurrency industry has just seen the most anticipated event, the third halving of Bitcoin (BTC). The last block of 12.5 Bitcoin was mined by F2Pool and encrypts the message: “NYTimes Apr / 09/2020 With a 2.3 ton injection, the Fed plan far exceeds the 2008 bailout“We pay tribute to Satoshi Nakamoto, the creator of the token. Antpool was lucky to mine the first block of 6.25 Bitcoin. The first halving of Bitcoin was in November 2012 and was mined by Slushpool, while the second was in July 2016 and was dismantled by F2Pool.

The phase after halving will continue to be a positive adjustment

The market is experiencing some volatility in the last 60 blocks This halved, but the price of Bitcoin remained in the $ 8,500 to $ 9,000 range during a 24-hour window during the event.

Price per block

A closer look at Bitcoin’s network hash rate after halvingA closer look at Bitcoin’s network hash rate after halving

The average production time for the blocks was approximately 7.5-8.5 minutes per block 24 hours before halvingand an increase in the production time of the blocks is observed after halving, with an average of 11 minutes per block in the 12 hours after halving. With the pattern available We can safely conclude that the network experienced a decrease in the hash rate after halving, as indicated by longer block production times than the average before halving.

According to Bitcoin’s emergency estimator, the current network rate is approximately 53 blocks earlier than estimated. This may be because miners accelerated block production in the 24 hours before halving.. According to the current estimate, the next change in difficulty will be in about six days. with an upward correction of 4% -5%. However, the block’s production time could change significantly by six days as miners try to adjust their operations.

A slight increase in transaction fees to subsidize miners’ incomes by half of 2020

Several transactions consistently showed an upward trend with an average of in the 24 hours prior to halving 1,959 transactions are included per block.

Number of transactions

Total transaction rates roughly doubled from a fraction of a Bitcoin to more than one Bitcoinand finally returned to the pre-halving level.

Total transaction fees

The network has registered a slight increase in average transaction fees in the last 50 blocksand in the first 20 blocks after halving, average commissions fell and remained relatively stable.

Average fees per transaction

Before halving, miners’ commission income was only one figure of the total income they would receive. After halving, there was an immediate increase in miners’ commission income as the reward was halved. Twelve hours after the 6.25 block subsidy era, miners’ commission income fell to a lower level, but remained at an average of 10% per block.

Miner revenue from fees

It should also be noted that Slushpool mined block 630.001, which contains almost 18% of the transactions and costs approximately 1,369 BTC in commissions. It is the block with the highest commission income for miners since halving.

Happy Halving 2020! Now the countdown to 2024

Bitcoin was born at a time when banks and the traditional financial industry were causing confusion. However, more than 11 years later, the industry works together to bring the Bitcoin and cryptocurrency industry to the world stage.

Coin Coinbase Currency Parameters for Block 629,999, “NYTimes Apr / 09/2020 With a 2.3 ton injection, the Federal Reserve Plan far exceeds the 2008 bailout“plays the encrypted message from Satoshi Nakamoto for block 0.”The Times 03 / Jan / 2009 The Chancellor is about to launch a second rescue package for banksThis reminds us of why Bitcoin was created: to provide a more reliable money system.

We hope to see future Bitcoin halving with the whole world. This is just the beginning.

This article was written by Catch Chou y Johnson Xu.

The views, thoughts and opinions expressed here are the only authors and do not necessarily reflect or represent Cointelegraph’s views and opinions.

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