Bitcoin’s Halving: what is the network like after halving rewards?

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Important facts:
  • Transaction fees are kept above 100 sats per byte.

  • On the afternoon of May 12, there were nearly 40,000 unconfirmed transactions.

The wait ended on Monday, May 11th. The third Halving, or halved rewards per mined block, as planned, at the peak of the 630,000 block in network history. It has been approximately 24 hours since then that the Bitcoin network was maintained with high activity.

At the time of writing this note More than 30,000 pending transactions must be processed in the network, according to mempool.space. But sometime that afternoon the number of unconfirmed transactions reached over 40,000, as the graphic on jochen-hoenicke.de shows.

In the context of this overload, Transaction fees remain high. As the network was close to halving, we reported on CryptoNews in the hours before the event.

Of the last 8 mined blocks between 630,140 and 630,147, only 1 had an average commission of less than 100 sat / byte. With less than 50 blocks for reward reduction, it went from one block to the next at a point from 6 sat / byte to over 100. At this point, mempool.space calculates about 116 sat / byte to call the next block.

Due to congestion on the network, commissions remain high to confirm transactions. Source: mempool.space

In terms of network computing power, the Hash rate Bitcoin is estimated to be around 119 EH / s in Clark Moody Bitcoin’s real-time database. This calculation is based on processing the last 2,016 blocks.

This processing rate shows a decrease of more than 12% compared to the 136 EH / s registered on Sunday, May 10th. This mining power was close to the all-time high of March 1, according to Coin Metrics.

Bitcoin’s hash rate was 119.7 EH / s in the last blocks of 2016. Source: Clark Moody Bitcoin.

The cut in half, with no immediate impact on the price of Bitcoin

It was known that The influence of cut in half on the price of bitcoin on the market would not be immediate. Regardless of whether the value of the cryptocurrency has increased or decreased due to the reduced rewards, this would not happen in a few hours. But now, after 24 hours cut in halfthe behavior of the market has confirmed this.

After this cut in halfthe price of Bitcoin has risen in the past 24 hours. However, it only returned at the price that was floating in the hours and days before the event. Bitcoin is currently priced at USD 8,824 based on data from the Coin Market Cap.

Four years have passed between the second cut in half and the. Many things have changed during this time. Bitcoin’s engagement has increased significantly, as shown by interest in search engines like Google. Also the hash rate The accumulated values ​​did not even reach 1.5 EH / s when the network processed just over a third of the transactions it currently processes per day.



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