China’s mining bans continue to negatively affect the market. The average daily mined blocks dropped by 60%. The BTC hash rate has dropped 50% since its high in May 2021. As a result, there has also been a significant drop in Bitcoin network activity. The number of active Bitcoin addresses has dropped to levels last seen in 2019. Let’s take a closer look at the detailed market data…
Key changes in the Bitcoin (BTC) network amid the crash in China
China’s latest crackdown on cryptocurrency miners last month led to a massive migration of mining operations overseas. This had a serious impact on the Bitcoin price, which dropped below $30,000 last week. With the last Chinese edition, on-chain activity in the Bitcoin network has changed dramatically, reaching multi-year milestones. Let’s take a look at how things change with different on-chian parameters.
Bitcoin’s average daily block interval, the time interval between adding two consecutive blocks to the Bitcoin network, increased to 1400 seconds, or over 23 minutes. This was the largest daily average block interval in the last decade. This is also 100% more than the baseline of the 10-minute block interval.
Average mined blocks per day decreased by 60%
In the early saadollarserde Sunday, June 27, only 58 blocks were minted during the day. This was a staggering 60% of the average of 144 blocks minted each day. On the other hand, there is an 80% drop in the average daily BTC miner revenue from $70 million in May last month, and miner revenue so far is just $12.8 million per day. This is the same revenue miners earned in November 2020, when BTC was trading at $13,000 last year. On-chain data provider Glassnode also reports:
This is the result of the depreciation of Bitcoin’s hash rate following China’s mining pressure. The biggest drop in hash rate in the era of industrial mining. As of today, mining difficulty is expected to drop by about 25% this Friday.
BTC hash rate down 50% since May 2021 high
As we previously reported , the BTC hash rate has dropped 50% since its May 2021 high. As a result, there has also been a significant drop in Bitcoin network activity.
The number of active Bitcoin addresses has dropped to levels last seen in 2019. Also, Ethereum address activity surpassed Bitcoin for the first time in history. This development comes amid BTC address activity, which has been steadily declining over the past few months.
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