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Bitcoin miners saw a 23% drop in revenue in June, due to lower network fees and reduced block subsidies after the halving. According to Bitcoin Daily data, Bitcoin, the cryptocurrency with the highest market value, suddenly fell sharply on Thursday night, from $9,300 to around $9,000. However, the fundamentals of the Bitcoin network are still strong, and the computing power is skyrocketing. Do miners also use love to generate electricity?

For most of yesterday, Bitcoin was trading sideways below $9,300, with little price fluctuation. At around 23:00 Beijing time, the price of Bitcoin suddenly fell to around $9,000, but then rebounded slightly.

In the past two months, Bitcoin has been trading in a range between $9,000 and $10,000, with strong resistance above and support below the range.

However, this decline still wore out the patience of investors, who had hoped that Bitcoin would be able to stabilize at $9,300 and then continue to attack $10,000.

Earlier on Thursday, Bloomberg analyst Mike McGlone said that Bitcoin's current volatility is decreasing, which may be a precursor to a sharp rise in prices. He mentioned that compared with the highest volatility on March 13, Bitcoin's current volatility has dropped by 97%. In addition, coupled with the recovery of US employment data and the boost of the US stock market, he believes that Bitcoin will continue to rise and hit new highs before the end of the year. In terms of the fundamentals of the Bitcoin blockchain network, Glassnode CTO Rafael Schultze-
Kraft said that on-chain indicators including transaction volume, number of new addresses, and number of valid addresses have made investors optimistic, and the fundamentals remain strong. At present, the number of new addresses of Bitcoin has reached 256,000 per day, a two-year high. The last time a similar number was recorded was during the bull market in late 2017 and early 2018. At that time, the number of new addresses per day was between 800,000 and 600,000. The total number of addresses on the network has now exceeded 670 million. However, only 2,135 addresses have a balance of more than 1,000 BTC, and no more than 110 addresses have a balance of more than 10,000 BTC.

The number of daily active addresses is currently 1.08 million, the highest since January 2018, when the record was 1.24 million.

The current daily transaction volume on the Bitcoin blockchain is 382,000. The last time Bitcoin's daily transaction volume reached this high was about 10 months ago.

The number of transactions processed per second on the Bitcoin blockchain network has also reached its highest level in a year. After the third halving last month, the processing rate once dropped to 2.48 per second, and now the transaction rate has also risen to 4.42 transactions per second.

New changes in the computing power pattern

In the fourth quarter, the domestic flood season ended, and miners once again ushered in seasonal migration. The ultra-low electricity prices during the flood season are no longer there, and the computing power of high-power models has withdrawn from the entire network. At the same time, new main models will be released in the second half of the year, and the proportion of large computing power equipment launched by various mining machine manufacturers will increase, and the computing power will complete the "new and old replacement".

From the perspective of global computing power, new large-scale mining farms in North America are expected to be built, and overseas computing power is showing an upward trend.

As the geographical location and scale of mining farms change, what kind of new balance will the computing power of the entire network achieve in the second half of the year?

BTC bull market expectations

In the second half of the year, phenomenal projects such as Filecoin and Ethereum 2.0 will be gradually launched, the mining coin reduction season will continue, new mining opportunities, changes in market supply and demand, and the improvement of the domestic epidemic situation are expected to inject new liquidity into the entire industry.

After experiencing the market test and the industry's zero-sum game, the miners who still survive will be able to establish their own advantages in the "post-halving era".

In the second half of the year, are we expected to usher in the development of major currencies such as BTC and the arrival of a big bull market? Or will it end up like the global financial market!