Bitcoin's price returned to $9000 level today

By
Tokeneo
-
1 min reading

The price of bitcoin has returned to $9,000 today, as new data revealed how much miners will lose after the third bitcoin halving.

bitcoin price 9000$

The price of bitcoin has remained stable, despite major changes

Data from CoinMarketCap show that the BTC/USD currency pair has again increased to $9,000 on Wednesday after a two-day break.

Support above the $8,000 range did not yet appear after halving, which was preceded by a rapid drop in the Bitcoin price, which temporarily reached a 200-day moving average of about $8,200.Source: Coinmarketcap 

"Volatility draining down on $BTC, which suits altcoins as some are showing strength" 

, Cointelegraph analyst Michaël van de Poppe said.

Miners ravenue dropped by 47%

Meanwhile, halving had a strong impact on miners, and data from 12 May showed that their revenues fell by about 47%.

From $17.16 million of block subsidies and transaction fees the day before, on tuesday there was only $8.95 million left - these data come from blockchain.com

Source: Blockchain 

Commenting on the changes, Mario Gibney, the Blockstream customer service employee, wrote on Twitter:

The first mining reward of #bitcoin's 4th epoch is 7.16 BTC (6.25 block subsidy + 0.91 in fees).

That means 12.7% is made up of transaction fees.

An indication of the brave new world of fee-based security we're venturing toward? pic.twitter.com/lh3te5vxkV

— Mario Gibney (@Mario_Gibney) May 11, 2020


Over time, Bitcoin transaction fees will have to increase in order to meet increased demand and keep miners in business.

Nowadays, the fees are still far from the levels observed for example last year when bitcoin cost $13800 because the total number of transactions is lower.

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Tokeneo TEO OU. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the tokeneo.com/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is TOKENEO TEO OÜ (an Estonian law limited liability company) with its registered offices in Tallinn (in the province of Harju Maakond), at 19-7K Maakri Street (in the district of Kesklinna Iinnaosa), 10-145 Tallinn, Estonia, registered on 21.12.2018 in the Estonian Business Register under number 14630242, using the EU VAT number: EE102149487.

The full document to read the Tokeneo privacy policy is available in this document.

Advanced settings can be changed in your browser.