After the bitcoin block reward halving on May 11, Glassnode.com statistics show the BTC hashrate is 90 EH/s or so on May 22. The overall SHA256 hashrate lost around 47 EH/s. Due to the electrical shortages, some mining machines have been forced to shut down to avoid more losses. From the image below, we can notice that when BTC price crashed in March, we saw a similar decline in hash rate as well.
In the meantime, the mining difficulty experienced the 1st adjustment after halving, which is a downward adjustment as well, making mining slightly more accessible for smaller players again.
Besides, according to data from Coinmetrics, miners have collected the equivalent of 1,176 BTC in transaction fees since Bitcoin’s third supply cut on May 11. That compares with 818 BTC earned as fees in April and 1,251 BTC in March, the figures show.
Note: Fees are paid each time a Bitcoin transaction is processed and confirmed by a miner, who received the fees, in addition to the block reward, as revenue.
Based on the above 3 facts, we can predict that the price of Bitcoin may perform an upward movement in the following month.
How to Maximize Profits on BTC Trading?
Though the above 3 factors indicate that Bitcoin is in the uptrend overall, there will be many fluctuations before it makes its road to a new all-time high. So how can we maximize the profits of the fluctuations? Yeah, you are right! BTC futures trading.
Bitcoin futures trading enables you to speculate on the futures price of Bitcoin. As long as there is price volatility, you have chance to make profit from it. In addition, with leverage added, you can invest in small amount of money to enjoy greater profits.
Bexplus is a bitcoin-based exchange that offers you the opportunity to get profits by speculating on the price rising and falling. In Bexplus, you can trade perpetual contracts of Bitcoin, ETH, LTC, EOS and XRP with 100x leverage.
You can enjoy 100% deposit bonus. Deposit it 1 BTC, you can get 2 BTC credited in your account. Up to 10 BTC is available to you in Bexplus. Join Bexplus, No KYC is required!