This is the Bitcoin network just a few hours after its third halving

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It only takes hours for the third to appear cut in half in the history of Bitcoin. With this reduction in rewards per mined block, which is provided in the network code every 210,000 blocks, miners receive 12.5 BTC for each block to 6.25 BTC.

Given price expectations and after a moment of more than $ 10,000, the value of Bitcoin in the market fell again below $ 9,000 and reached $ 8,400. After a slight recovery, the price is currently at USD 8,943, in data from CoinMarketCap.

Regarding the status of the network in the hours before cut in half, This Monday, May 11th, the network is less congested than in the past days and weeks. At present, there are over 20,000 unconfirmed transactions in Bitcoin, according to the mempool.space protocol.

The numbers on jochen-hoenicke.de match, and you can see that in this data set The number of outstanding transactions exceeded 80,000 on April 30four times the current amount. As CryptoNews reported at the time, the level of congestion is the highest the network has had this year.

Blocks Bitcoin
On the afternoon of April 30, there were over 80,000 unconfirmed transactions in Bitcoin. Source: jochen-hoenicke.de

Overall in In the past few days, the total number of transactions processed in the network has fluctuated between 280,000 and 340,000 per day. Even in the 12th month, there were fewer than 240,000 transactions on April 12 alone, according to Coin Metrics records.

On the other hand, we can see in mempool.space that the last 4 mined blocks were 1,195 MB in size. Around 18 MB of data are currently to be confirmed among the outstanding transactions, shows the same source.

Hash rate, Commissions and other Bitcoin metrics

In the last few blocks, the average commission has risen again. Between blocks 629,964 and 629,967, commissions rose from 6 sats / byte to 112 sats / byte. On average, these latest commissions correspond to an average of $ 2.47 in data from mempool.space.

Halve blocks
In just 4 blocks, commissions rose from 6 to 112 sat / byte. Source: mempool.space

In the meantime The processing power in the network is close to its historical maximum. Data from Coin Metrics shows that the bitcoin hash rate exceeded 136 EH / s this Sunday, May 10. The maximum recorded so far on March 1st at 136.2 EH / s shows the same source.

Hence is Bitcoin’s mining difficulty is similarly close to its current all-time high. Coin Metrics shows that the level of difficulty is 16.10481T, while it was 16.5529T in mid-March. After this record, the difficulty had its greatest decline since 2011, the newspaper reported.

Active Bitcoin addresses remain at around 870,000. Although this is a decrease from the recently reported numbers, This number remains above the average values ​​of the past few months.

At the time of writing this note just over 4 hours before block 630,000 is mined. This will be the third cut in Bitcoin history and mining rewards will be cut in half. This starts a new emission cycle in the history of Bitcoin, with 6.25 BTC generating each block more or less every 10 minutes.

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