Bitcoin's Network Fundamentals Post-halving

By Interdax | interdax | 28 May 2020

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?

Summary:

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.