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12 Jul 2022
Six blocks in six minutes
Second consecutive downward difficulty adjustment as daily miner revenues see further downside.
The on-chain activity in Bitcoin remains low this week, and the daily miner revenues continue to decline, falling 1.34% over the last seven days to $18.4m. Source: Blockchain.comThe declining miner revenues are driven by a reduced hashrate. Over the last seven days, we saw an average block discovery rate of 5.7 blocks per hour, well below last week’s 6.18 blocks per hour. The hashrate decline led to bitcoin’s second consecutive downward difficulty adjustment last Thursday. Since the block discovery rate has normalized. However, we note that Saturday saw the very unlikely event of six discovered blocks in a 6.5-minute timespan!Growing transaction fees contribute to offsetting some of the miner revenue effects from the reduced block discovery rate, as transaction fees see a sharp 44% growth over the last seven days. Source: Bytetree