Bitcoin Hits $60K as Network Stability Remains Uncertain

As Bitcoin climbs above $60,000, analysts at Hashrate Index remain uncertain about the network’s stability.

Bitcoin Network Difficulty and Hashrate

Bitcoin’s network difficulty is projected to undergo a significant positive adjustment this week. The network’s hashrate appears to have found a “post-halving bottom,” according to analysts at Hashrate Index. However, they caution that the market should wait to see how the U.S. summer will affect the grid before making any definitive conclusions.

In a weekly research update, analysts highlighted that Bitcoin’s 7-day average hashrate returned above 600 EH/s for the first time since mid-June. Despite this, they stress that the network’s stability remains uncertain. With Bitcoin’s difficulty set to rise, miners might see a slight increase in hashprice, potentially easing the selling pressure from BTC holders.

Transaction Fees and Miner Revenue

“Transaction fees are still low, which benefits users but not miners. Over the past week, Bitcoin miners earned a modest 97.92 BTC in transaction fees, an 11.6% decrease from the previous week’s 110.73 BTC.”

On a monthly scale, hashprice remains down. With upcoming adjustments, the struggling Bitcoin mining industry will take any help available right now. The recent drop in hashprice, a metric representing miner revenue per terahash, has hit an all-time low of $44.31/PH/day. This decline is partly due to the German government’s transfer of thousands of BTCs.

The current mining environment is even more challenging than in May 2021, when Chinese authorities cracked down on crypto mining and trading, causing hashprice to plummet from 379 PH/day to 203 PH/day.

Bitcoin Price Surge

At the time of writing, Bitcoin’s price surged past $60,000, following a substantial inflow of more than $300 million into multiple spot Bitcoin exchange-traded funds (ETFs). This marks the seventh consecutive day of positive inflows for these funds.

Stay updated with more news and developments in the cryptocurrency world on Global Crypto News.