Bitcoin (BTC) Mining Marked Another Record, Money Transfers Peak

A combination of increased network activity and high-value transfers led to a record in dollar-value carried by the Bitcoin network.

TheBitcoin (BTC)network keeps posting records, as July set the coin as the leader of growth and value. The Bitcoin network hashrate grew again, boosted by more powerful machines and the dominance of a handful of pools, to a peak above 80 EH/s, breaking the previous record of 79 EH/s.

The past two months have seen a series of BTC mining records, starting with around 62 EH/s. The growth follows the re-awakening of BTC market prices, which makes the current block reward extremely lucrative. New machines also offer a high annual potential return rate. Currently, six large-scale pools take over more than 75% of block production, and four leading pools easily take up as much as 60% of block production.

The Bitcoin network also carries peak amounts of value, especially in the case of large-scale cold wallet or whale transactions. Most BTC in cold storage remains unmoved, or are store on exchanges, but from time to time, the exchange carries peak value in dollar denomination. In the past few days, Bitcoin’s transfers also marked an increase in active addresses:

https://twitter.com/coinmetrics/status/1158735310387367937

It is difficult to estimate which transactions on the Bitcoin network are economically meaningful. At one point, the network saw increased activity in microtransactions generated by the testing of the Veriblock protocol. But concerted, large-scale transfers, or transfers within and between exchange wallets sometimes coincide with increasing price action.

The BTC market capitalization dominance has also grown to levels not seen since the spring of 2017, when altcoins were less popular and much more difficult to buy or trade. BTC’s dominance expanded to 69.4% on a continuing growing trend, doubling in the past six months.

The current state of the network for Bitcoin may be a sign of adoption, as well as increased optimism for new yearly highs. Currently, traders see the BTC market price pressured under $12,000, but with the potential to climb to $15,000 in the near future.