In the waves of the digital currency market, the sharp fluctuations in Bitcoin prices have attracted widespread attention. The recent drop caused Bitcoin miners' income to drop by 23 percentage points, which brought a huge impact to the entire industry. This incident not only affects the income of miners, but also has a profound impact on the entire digital currency ecosystem. Let's delve into this topic and see the reasons and possible impacts behind it.

The decline in Bitcoin prices has not only made investors feel heavy, but also dealt a heavy blow to Bitcoin miners. As a key link in maintaining the security and operation of the Bitcoin network, miners' income is directly affected by price fluctuations. When Bitcoin prices fall, the value of Bitcoin mined by miners also decreases accordingly, causing their actual income to drop sharply. This kind of income decline is not uncommon in the digital currency market, but this time the decline is extremely shocking, which has brought great pressure to miners.

As Bitcoin prices fluctuate, the lives of miners have also changed. Many miners rely on mining to make a living. Once their income decreases, their quality of life is immediately affected. Some miners have to cut expenses and even consider switching to other ways to make a living. This unstable income situation puts miners under great pressure and highlights the uncertainty and risks of the digital currency market.

In addition to the impact on individual miners, the decline in Bitcoin prices has also had a chain reaction on the entire digital currency ecosystem. The reduction in miners' income may lead to a decline in network security and even affect the stable operation of Bitcoin. This chain reaction highlights the complexity and fragility of the digital currency market and reminds people to be cautious and prudent in digital currency investment.

In the face of the challenges brought by the decline in Bitcoin prices, miners are also actively looking for solutions. Some miners choose to adjust their mining strategies and look for more potential digital currencies to mine; others increase their computing power investment, hoping to make up for the reduction in income by improving efficiency. This proactive attitude shows the resilience and innovative spirit of miners and also brings a glimmer of hope for the future of the digital currency market.

In general, the decline in Bitcoin prices has had a serious impact on miners' income and has aroused widespread attention and discussion inside and outside the industry. In this digital currency market full of challenges and opportunities, miners need to remain vigilant and respond flexibly in order to move forward steadily in the tide of the market. It is hoped that through this fluctuation, the digital currency market will become more mature and robust, creating a better development environment for investors and practitioners.

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Bitcoin miners saw their revenue drop by 23% 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 remain strong, and the computing power is skyrocketing. Could it be that miners are also using 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 stand firm 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 price increase. He mentioned that Bitcoin's current volatility has dropped by 97% compared to March 13, when volatility was highest.

In addition, coupled with the recovery of US employment data and the boost in 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.

Currently, 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 high-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 mines in North America are expected to be built, and overseas computing power is showing an upward trend.

As the 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!