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It’s hardly surprising that as some of the Chinese Bitcoin mining operations relocate or shut down altogether, the network has taken a hit. What is surprising is just how hard a hit it has taken, Crypto Investor analysis shows. 

The median time for a transaction, with miner fees, to be included in a mined block and added to the public ledger has surged to 26 minutes as of June 29. That’s even worse than it was at the start of the week, when Alex Thorn, Galaxy Digital’s head of research, shared his analysis on Twitter and dubbed 23 minutes per block the worst the network has seen since 2010.

median-confirmation-web

There’s hope, though: “We expect to see a major difficulty decrease in 5-6 days that will bring block times back to the average 10 mins,” he wrote, “but until then, we will continue to see slow blocks.”

It’ll be welcome news for bitcoin miners, who’ve also seen hash rate and revenue plummet. For more on that, check out last week’s Whale Spotting.

There's some silver lining for Bitcoin miners located outside of China. As the network corrects, hash rate and block times will be favorable for them.

"We view the next difficulty reset as likely to be on July 3rd, with the target Hashrate dropping to ~95–100EH/s," said the team at advisory and risk management firm BitOoda in a post. "The subsequent reset will likely result in a further drop in target Hashrate to 75–85 EH/s around July 19/20th."

It’s hardly surprising that as some of the Chinese Bitcoin mining operations relocate or shut down altogether, the network has taken a hit. What is surprising is just how hard a hit it has taken, Crypto Investor analysis shows. 

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