Halving of Bitcoin: how is the network after the reduction of rewards to the half?


Key facts:

The transaction fees are kept above 100 sats per byte. During the evening, this may 12, there have been nearly 40,000 uncommitted transactions. The wait ended this Monday, may 11. The third halving, or reduction of rewards per block mined, to the half, it happened as it was planned, at the height of the block 630,000 in the history of the network. Since that time, they have spent about 24 hours in which the network of Bitcoin has maintained high levels of activity. At the time of drafting this note, there are more than 30,000 pending transactions to be processed in the network, according to data from mempool.space. But at one point this afternoon, the amount of uncommitted transactions came to be on top of the 40,000, as shown by the graph available in jochen-hoenicke.de. In the framework of the congestion, the transaction fees are maintained at high levels. As it was the network shortly before the occurrence of the halving, as we reported in Breaking News in the hours leading up to the event. Of the last 8 blocks mined, between the 630.140 and the 630.147, only 1 of those had an average commission of less than 100 sat/byte. Missing less than 50 blocks for the reduction of rewards, at one point spent 6 sat/byte more than 100 of a block to the next. At this time, to enter the next block, mempool.space estimates some 116 sat/byte. The congestion in the network maintains high commissions to confirm transactions. Source: mempool.space. In terms of the processing power of the network, the hash rate of Bitcoin is about 119 EH/s, according to the estimates available in the database in real-time Clark Moody Bitcoin. That calculation is based on the processing of the breaking 2,016-blocks latest. The processing rate shows a decline of more than 12% compared to the 136 EH/s recorded during the Sunday, may 10. That power of mined represented very close to the historical maximum, registered on the 1st of march, according to data of Coin Metrics. The hash rate of Bitcoin has been in 119,7 EH/s in the last 2016 blocks. Source: Clark Moody Bitcoin.

The halving, without immediate impact on the price of bitcoin

It was known that the impact of the halving on the price of bitcoin in the market it would not be immediate. Regardless of the value of the criptomoneda go up or down as a result of the reduction of rewards, it does not happen in a few hours. But now, after 24 hours of the halving, the market behaviour has confirmed. After the halving, the price of bitcoin has gone up in the last 24 hours. However, it has not made but a return to the price that was hovering in the hours and days leading up to the event. Currently, the price of bitcoin is USD $ 8.824, in data of Coin Market Cap. Four years have passed between the second halving, and this. At that time, many things have changed. The exposure of Bitcoin has increased considerably, as the numbers show interest in engines like Google. In addition, the hash rate accumulated did not reach even 1,5 EH/s, when the network was processing a little over a third of transactions currently being processed per day.

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