However, the diff. adjustment has seen the block production rate decline closer to the target level of 6 blocks per hour – showing the power of these difficulty adjustments. As a result of fewer produced blocks, the competition for getting transactions included has increased again, resulting in more fees generated for miners – up more than 25% over the past week.
However, the lower block production rate has also seen the daily miner revenues decline to only $18 million per day. We still believe that the Bitcoin hashrate is forming a 2022 top at these highs. You can learn more about our hashrate predictions in this piece.