Bitcoin’s Post-Halving Hash Rate [Analyzed]
May 22nd 2020
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Bitcoin network hash rate experienced some decline, but the first difficulty adjustment post-halving will still see a positive adjustment
The market experienced some volatility during the last 60 blocks leading up to the halving, however, the Bitcoin price stayed within the $8,500–$9,000 range for a 24-hour window during the event.
The average block production time was roughly 7.5–8.5 mins per block 24 hours prior to the halving, and we see some increase in block time post-halving, with an average of 11 minutes per block in 12 hours following the halving. With the available sample, we can safely conclude that the network has experienced a hash rate decline post-halving, as indicated by longer block production times than the pre-halving average.
Slight uptick of transaction fees to subsidize miners’ revenue around the 2020 halving
The number of transactions were consistently showing an upward trend in the 24 hours leading up to the halving, with an average of 1,959 transactions contained per block.
Total transaction fees roughly doubled around the halving from a fraction of a Bitcoin to more than one Bitcoin, and eventually dropped back to the pre-halving level.
The network has seen a slight uptick of average fees per transaction during the last 50 blocks, and in the first 20 blocks after the halving, the average fees have been decreasing and stayed relatively stable.
Prior to the halving, miners’ revenue from fees only accounted for a single digit of the total revenue that they will receive. There was an immediate jump in miner revenue from fees post-halving due to the reward being cut in half. Twelve hours into the 6.25 block subsidy era saw miners’ revenue from fees dropping to a lower level, but they stayed about 10% per block on average.
Happy 2020 Bitcoin halving! Now counting down to 2024
Bitcoin was born during a time when banks and the traditional finance industry faced turmoil. Yet, more than 11 years later, the industry is working together to bring the Bitcoin and cryptocurrency industry to the world stage.
The encoded coinbase parameter for block 629,999, “NYTimes 09/Apr/2020 With $2.3T Injection, Fed’s Plan Far Exceeds 2008 Rescue” echoes Satoshi Nakamoto’s encoded message for block 0, “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” This reminds us why Bitcoin was created: To provide a more trustworthy monetary system.
We look forward to witnessing future Bitcoin halvings with the whole world. This is just the beginning.