Bitcoin community hash fee hit a document excessive in Might

• Bitcoin community exercise climbed for the fifth month straight.
• Mining problem and transaction charge additionally climbed in Might.
• The world’s largest cryptocurrency misplaced about 8.0% final month.

Bitcoin might have misplaced about 8.0% final month on macro uncertainty however the community exercise remained extremely robust.

JPMorgan analyst expects a slowdown in hash fee

In Might, the every day community hash fee – a carefully adopted metric that signifies community’s well being climbed to a document excessive. It was the fifth consecutive month of enhance for the stated indicator.

Merely put, bigger the hash fee, the safer is the community. Nonetheless, Reginald Smith – a JPMorgan analyst stated in a be aware on Friday:

Our sense is that community hash fee progress may sluggish over the approaching months (presumably lagging BTC worth appreciation) as funding out there rack house is tough to come back by.

When it comes to market cap, the 13 U.S. listed miners that JPMorgan tracks famous an combination enhance of 5.0% final month to $6.7 billion.

Mining problem and transaction charge additionally elevated

Mining problem – one other metric that usually strikes in tandem with the Bitcoin hash fee – additionally climbed to a document excessive in Might.

Current information confirmed the crypto transaction charge to have elevated final month as nicely. JPMorgan’s Smith additionally stated in his analysis be aware:

Transaction charges spiked to over 5 Bitcoin per block mined in early Might, which ought to drive modest C2Q23 earnings upside for the business at massive.

In current weeks, although, Bitcoin transaction charges have returned near its historic common of about 0.5 BTC per block mined. Final week, JPMorgan stated Bitcoin needs to be buying and selling at $45,000.

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