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What changes have taken place in the data comparison two weeks after the Bitcoin halving?



Bitcoin, the cryptocurrency with the highest market capitalization, ushered in the third block reward halving since its birth on May 12, Beijing time. It has been two weeks now. "Bittweet" compares some data changes between the time of halving and the current data .

The change is most noticeable in terms of hash rate. After the halving, some miners had to shut down due to reduced profits, and others switched to Bitcoin Cash or Bitcioin SV, which led to a sharp drop in the Bitcoin hash rate.

Quotes | Bitcoin surged and fell back to around $9,000: Bitcoin rose to $9,163 this morning, and now it has fallen back to around $9,000, and is now at $8,999. The market fluctuates greatly, pay attention to market risks. [2020/1/28]

Affected by the decrease in hash rate, the speed of Bitcoin's block generation has slowed down significantly for a period of time. This also led to a corresponding significant reduction in the difficulty of Bitcoin mining in the latest mining difficulty adjustment.

In terms of price, the price of Bitcoin has not fallen as sharply as many people expected. In the first week after the halving, Bitcoin continued to rise, and it had the momentum to challenge the resistance range above $10,000 again. However, a transfer from an early Bitcoin address last week caused a small panic in the market. The price of Bitcoin It fell to around $9,000 and has been consolidating so far. Even so, Bitcoin’s price is still higher than it was at the time of the halving.

Voice | BitPay Chief Commercial Officer: Bitcoin is the cheapest way for brands to quickly acquire new customers: BitPay Chief Commercial Officer Sonny Singh said that Bitcoin is the cheapest way for brands to quickly acquire new customers. The entire crypto community with a market capitalization of $800 billion will know these brands. Between 5 and 10 percent of these companies' online sales are likely to be done via Bitcoin, and of that 5 to 10 percent, nearly 60 percent of their customers will be new customers. (Forbes)[2019/8/30]

Dynamic | Bitcoin mining revenue is increasing, but profitability is declining: According to the data reported by Diar, the mining revenue of BTC so far is $1.4 billion more than the revenue in 2017. However, since the beginning of the year, as the price of BTC has fallen sharply, the profits of miners have continued to decline, and the profits in September 2018 were zero. One of the main reasons for the decline in the profitability of BTC mining is the skyrocketing network hashrate. In mid-September, the Bitcoin network hash rate doubled since May 2018, from 28 peta hashes per second to 57 quadrillion hashes per second. At the time, Sam Doctor of Fundstrat Global Advisors estimated BTC mining breakeven costs at $7,300. According to Doctor, this new figure represents a $1,300 increase in capital preservation costs since May 2018. [2018/10/9]

Although the price of Bitcoin has risen steadily, the transaction volume has declined significantly. Although investors in the market are optimistic about Bitcoin for a long time, they are still quite cautious.

In terms of the market capitalization of the encryption market, it has increased compared to when Bitcoin was halved. In the recent decline, Bitcoin’s altcoins have performed well. The market share of Bitcoin has dropped from 66% at the time of halving to the current 65%.

In terms of the encrypted derivatives market, the overall trading volume has declined to a certain extent compared to before the halving, and is basically consistent with the spot trading volume.

The amount of open interest in the derivatives market remained largely unchanged despite lower trading volumes, suggesting investors remain confident in Bitcoin.

The search-ethexc index of Bitcoin on the search-ethexc engine has decreased significantly since the halving, and the enthusiasm of the public has decreased significantly. The Bitcoin market needs to prepare another hot event to attract more attention from people outside the circle.

Image source: coinmetrics, CoinMarketCap, CoinCodex, Skew, LongHash

Written by Liang Che


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