It’s been just over two weeks since Bitcoin’s block subsidy halving. How have network fundamentals changed since the start of the fourth mining epoch?
- Hash rate has fallen ~30% but Bitcoin’s share of the combined hash rate for the top 3 SHA-256 coins slightly increased after the halving.
- BTC-USD failed to break the $10,000 handle. Large spikes in mining pool-to-exchange BTC flows were observed during advances towards the $10,000 handle.
- A downward adjustment in mining difficulty (~-15.9%) is estimated to occur on June 5th.
- The production of blocks has slowed on the Bitcoin network, with the average block times which is ~20% higher than the expected value of 600 seconds. The daily average block size also increased after the halving, reaching a high of 1.4MB.
- Issuance of BTC in terms of USD is at historically low levels (below 0.50) according to the Puell Multiple, which suggests it is potentially an optimal time to buy bitcoin.
- Average transaction fees have increased to levels not seen since mid-2018. As a proportion of the block subsidy, fees reached a two-year high after the halving.