{"id":494534,"date":"2022-06-30T17:00:54","date_gmt":"2022-06-30T17:00:54","guid":{"rendered":"https:\/\/ktsl888.com\/?p=494534"},"modified":"2024-06-11T12:49:55","modified_gmt":"2024-06-11T12:49:55","slug":"bitcoin-enters-hibernation-mode-as-network-activity-lulls","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-enters-hibernation-mode-as-network-activity-lulls\/","title":{"rendered":"Bitcoin Enters Hibernation Mode As Network Activity Lulls"},"content":{"rendered":"

Bitcoin has seen a tremendous slow down in network activity following the market crash in mi-June. This drawdown was expected as a reduction in network activity usually follows a rush to get out of the digital asset during the decline. This lull has brought various metrics back towards normal territories and daily miner revenues remain drowsy during this time.<\/p>\n

Network Activity Slows<\/h2>\n

After the price of bitcoin had crashed to $17,600, there was a rush to get out of the digital asset. This had led to a tremendous surge in network activity. Average transaction volume had shot up from around $18,000 to $37,000 during the past week as volatility rocked the market. Mostly, these moves were triggered by fear that the price of the cryptocurrency would continue to decline.<\/p>\n

Related Reading |\u00a0Holding Back The Bears: Why Bitcoin Must Break $22,500<\/a><\/strong><\/em><\/p>\n

However, as the price of bitcoin has stabilized, the network activity has begun to return to normal levels. This is seen in the average transaction value for this week which has fallen by almost 50% to return to the $18,000 level. Additionally, on-chain activity has now dropped so low that it has now entered what is referred to as a hibernation mode.\u00a0<\/span><\/p>\n

Transactions per day on the network have also declined with the stability returning back to the market. This number had been at 252,382 on average for the past week but now sits at 242,737 representing a -3.82% drop.<\/p>\n

\"Bitcoin<\/p>\n

BTC price declines to $19,000 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The same has been the case for the total daily transaction volumes. While investors had scrambled to exit their positions, daily transaction volumes had risen to more than $9 billion. However, with bitcoin stabilizing at around $20,000, this value has dropped to $4.4 billion, a 51.75% change from the prior week.<\/p>\n
Bitcoin Miners Take Hits<\/h2>\n
Bitcoin miners have been one of the worse-hit when it comes to the changes that are happening in the market. An example is the daily miner revenues that are being recorded for the last couple of weeks.\u00a0 <\/span>It had declined significantly in the month of June, and there has been no recovery in sight.<\/p>\n
The prior week had seen daily revenues touch $18.3 million per day, and with the last week, there has not been much change. A 2.02% rise meant that daily miner revenues rose to $18.69 million, while the percentage made up by fees dropped by 0.7%.<\/p>\n
\"Bitcoin<\/p>\n
BTC hashrate declines | Source: Arcane Research<\/a><\/pre>\n
It is also shining through in the hashrate which has also taken a bit of a nosedive. After hitting a new all-time high earlier in the month, the decline has been apparent so far. It is a direct result of decreased profitability, affecting the block production rate.<\/p>\n
Related Reading |\u00a0Bitcoin Records Worst Performance For June, Will It Get Better From Here?<\/a><\/strong><\/em><\/p>\n
The number of blocks produced per hour last week came out to 5.85, and since hashrate is expected to remain depressed due to low profitability, there may not be much recovery in the block production either. This decline has also translated to lower ASIC prices.<\/p>\n
Lastly, fees per day also dropped significantly during this time. After touching $437,159 in the prior week, a 28.59% drop saw fees per day for last week come out to $312,191.<\/p>\n
Featured image from Finbold, charts from Arcane Research and TradingView.com<\/pre>\n
Follow <\/i><\/b>Best Owie on Twitter<\/i><\/b><\/a> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has seen a tremendous slow down in network activity following the market crash in mi-June. This drawdown was expected as a reduction in network activity usually follows a rush to get out of the digital asset during the decline. This lull has brought various metrics back towards normal territories and daily miner revenues remain drowsy during this time. Network Activity Slows After the price of bitcoin had crashed to $17,600, there was a rush to get out of the digital asset. This had led to a tremendous surge in network activity. Average transaction volume had shot up from around $18,000 to $37,000 during the past week as volatility rocked the market. Mostly, these moves were triggered by fear that the price of the cryptocurrency would continue to decline. Related Reading |\u00a0Holding Back The Bears: Why Bitcoin Must Break $22,500 However, as the price of bitcoin has stabilized, the network activity has begun to return to normal levels. This is seen in the average transaction value for this week which has fallen by almost 50% to return to the $18,000 level. Additionally, on-chain activity has now dropped so low that it has now entered what is referred to as a hibernation mode.\u00a0 Transactions per day on the network have also declined with the stability returning back to the market. This number had been at 252,382 on average for the past week but now sits at 242,737 representing a -3.82% drop. BTC price declines to $19,000 | Source: BTCUSD on TradingView.com The same has been the case for the total daily transaction volumes. While investors had scrambled to exit their positions, daily transaction volumes had risen to more than $9 billion. However, with bitcoin stabilizing at around $20,000, this value has dropped to $4.4 billion, a 51.75% change from the prior week. Bitcoin Miners Take Hits Bitcoin miners have been one of the worse-hit when it comes to the changes that are happening in the market. An example is the daily miner revenues that are being recorded for the last couple of weeks.\u00a0 It had declined significantly in the month of June, and there has been no recovery in sight. The prior week had seen daily revenues touch $18.3 million per day, and with the last week, there has not been much change. A 2.02% rise meant that daily miner revenues rose to $18.69 million, while the percentage made up by fees dropped by 0.7%. BTC hashrate declines | Source: Arcane Research It is also shining through in the hashrate which has also taken a bit of a nosedive. After hitting a new all-time high earlier in the month, the decline has been apparent so far. It is a direct result of decreased profitability, affecting the block production rate. Related Reading |\u00a0Bitcoin Records Worst Performance For June, Will It Get Better From Here? The number of blocks produced per hour last week came out to 5.85, and since hashrate is expected to remain depressed due to low profitability, there may not be much recovery in the block production either. This decline has also translated to lower ASIC prices. Lastly, fees per day also dropped significantly during this time. After touching $437,159 in the prior week, a 28.59% drop saw fees per day for last week come out to $312,191. Featured image from Finbold, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":494540,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,639,654,86269,679,1119,1144],"class_list":["post-494534","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-miners","tag-bitcoin-network","tag-bitcoin-network-activity","tag-bitcoin-price","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Enters Hibernation Mode As Network Activity Lulls<\/title>\n<meta name=\"description\" content=\"Bitcoin has seen a tremendous slow down in network activity following the market crash in mi-June. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/ktsl888.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Enters Hibernation Mode As Network Activity Lulls","url":"http:\/\/ktsl888.com\/news\/bitcoin-enters-hibernation-mode-as-network-activity-lulls\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-enters-hibernation-mode-as-network-activity-lulls\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/06\/Bitcoin-network.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/06\/Bitcoin-network.jpeg?fit=1000%2C667"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin miners","bitcoin network","bitcoin network activity","bitcoin price","btc","btcusd"],"dateCreated":"2022-06-30T17:00:54Z","datePublished":"2022-06-30T17:00:54Z","dateModified":"2024-06-11T12:49:55Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Enters Hibernation Mode As Network Activity Lulls\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-enters-hibernation-mode-as-network-activity-lulls\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-enters-hibernation-mode-as-network-activity-lulls\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/Bitcoin-network.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/Bitcoin-network.jpeg?fit=1000%2C667\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin miners\",\"bitcoin network\",\"bitcoin network activity\",\"bitcoin price\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-06-30T17:00:54Z\",\"datePublished\":\"2022-06-30T17:00:54Z\",\"dateModified\":\"2024-06-11T12:49:55Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/06\/Bitcoin-network.jpeg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/494534"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=494534"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/494534\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/494540"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=494534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=494534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=494534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}