{"id":21389,"date":"2023-06-04T21:48:31","date_gmt":"2023-06-04T21:48:31","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-network-hash-rate-hit-a-record-high-in-may\/"},"modified":"2023-06-04T21:48:31","modified_gmt":"2023-06-04T21:48:31","slug":"bitcoin-network-hash-rate-hit-a-record-high-in-may","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-network-hash-rate-hit-a-record-high-in-may\/","title":{"rendered":"Bitcoin network hash rate hit a record high in May"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/156825535_m_normal_none-min-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/156825535_m_normal_none-min-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/156825535_m_normal_none-min-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/156825535_m_normal_none-min-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Bitcoin network activity climbed for the fifth month straight.<\/li>\n<li>Mining difficulty and transaction fee also climbed in May.<\/li>\n<li>The world\u2019s largest cryptocurrency lost about 8.0% last month.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/coinjournal.net\/news\/tag\/bitcoin\/\">Bitcoin<\/a> may have lost about 8.0% last month on macro uncertainty but the network activity remained incredibly strong.<\/p>\n<h2>JPMorgan analyst expects a slowdown in hash rate<\/h2>\n<p>In May, the daily network <a href=\"https:\/\/www.investopedia.com\/hash-rate-6746261\" target=\"_blank\" rel=\"noopener\">hash rate<\/a> \u2013 a closely followed metric that indicates network\u2019s health climbed to a record high. It was the fifth consecutive month of increase for the said indicator.<\/p>\n<p>Simply put, larger the hash rate, the more secure is the network. Nonetheless, Reginald Smith \u2013 a JPMorgan analyst said in a note on Friday:<\/p>\n<blockquote>\n<p>Our sense is that network hash rate growth could slow over the coming months (possibly lagging BTC price appreciation) as funding available rack space is hard to come by.<\/p>\n<\/blockquote>\n<p>In terms of market cap, the 13 U.S. listed miners that JPMorgan tracks noted an aggregate increase of 5.0% last month to $6.7 billion.<\/p>\n<h2>Mining difficulty and transaction fee also increased<\/h2>\n<p><a href=\"https:\/\/www.bitpanda.com\/academy\/en\/lessons\/what-does-mining-difficulty-mean\/\" target=\"_blank\" rel=\"noopener\">Mining difficulty<\/a> \u2013 another metric that typically moves in tandem with the Bitcoin hash rate \u2013 also climbed to a record high in May.<\/p>\n<p>Recent data confirmed the crypto transaction fee to have increased last month as well. JPMorgan\u2019s Smith also said in his research note:<\/p>\n<blockquote>\n<p>Transaction fees spiked to over 5 Bitcoin per block mined in early May, which should drive modest C2Q23 earnings upside for the industry at large.<\/p>\n<\/blockquote>\n<p>In recent weeks, though, Bitcoin transaction fees have returned close to its historic average of about 0.5 BTC per block mined. Last week, JPMorgan <a href=\"https:\/\/www.forbes.com\/sites\/digital-assets\/2023\/05\/31\/jpmorgan-reveals-900-billion-gold-based-implied-bitcoin-price-alongside-an-ethereum-upgrade-prediction-warning\/?sh=62cd1f1d2010\" target=\"_blank\" rel=\"noopener\">said<\/a> Bitcoin should be trading at $45,000.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-network-hash-rate-record-high-may\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Bitcoin network activity climbed for the fifth month straight. Mining difficulty and transaction fee also climbed in May. The world\u2019s largest cryptocurrency lost about 8.0% last month. Bitcoin may have lost about 8.0% last month on macro uncertainty but the network activity remained [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":21390,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/21389"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=21389"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/21389\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/21390"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=21389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=21389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=21389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}