Throughout 2019, the Bitcoin network has been moving faster than expected. Specifically, instead of the 144 blocks found daily, miners found an average of 147.64 blocks.
Data provided by the BTC.com mining pool reveals that 53,889 blocks were found in the last 365 days, although 52,560 were expected. The additional 1,500 blocks mean that about 20,000 rewards of BTC have been placed on the market.
Bitcoin price drop
The hash rate has fluctuated considerably with the decrease in the Bitcoin price, but is currently maintained in the range 80-100 EH / s. However, mined cryptocurrencies can be a factor in the price drop.
At the current price, the block rewards represent $ 100 million in BTC placed on the market during the year.
Half the block reward will reduce this new offer by 50% and this could have a faster effect on the market. Until then, the offer remains higher than the demand, at least according to the technical analysis.
Speculators have tried to push the price to higher levels in their enthusiasm generated by the end of the “crypto winter”. Currently, the market is undergoing a correction and many feared that the BTC miners would abandon again because of the price drop below $ 7500.
However, the situation seems to be somewhat more optimistic – the number of Bitcoin mining farms is increasing worldwide. In addition, locations in the United States and Russia are multiplying in favor of China, leading to a fairer distribution of miners.
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