Pi Union
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Pi Union

The average commission on the bitcoin network has exceeded $60

Against the backdrop of a rapid drop in hashrates due to power outages in China, the average commission on the Bitcoin network has exceeded $60. The last time the same high rate was observed at the end of 2017 — at the peak of the last bull market cycle.

Along with the growth of commissions, the hashrate of bitcoin is decreasing — from the maximum at marks above 170 EH/s, the indicator smoothed by the 7-day moving average fell to the level of 143 EH/s (-18%).

The drop in the unaveraged hashrate within two days was 46% (from 197 EH/s to 106 EH/s). Reducing the total computing power of the network with the same complexity led to an increase in the interval between blocks to 15 minutes.

So far, the complexity of the network of the first cryptocurrency is at a record high level — 22.24 T. The BTC.com service predicts a decrease in the indicator by 5.69% based on the results of the upcoming recalculation of complexity, which will take place approximately in 12 days.

On April 19, the longest interval between two blocks in recent years was recorded in the bitcoin blockchain. According to Blockchain.com, block #679785 was mined at 15:12 Moscow time, followed by #679786 at 17:14 Moscow time. This means that some users had to wait more than two hours for the deposit to be credited.

Recall that the decrease in hashrate began with power outages in several provinces of China, where significant Bitcoin mining capacities are concentrated. Shortly thereafter, the price of bitcoin dropped by almost $10 000.

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