{"id":435428,"date":"2020-08-18T20:00:03","date_gmt":"2020-08-18T20:00:03","guid":{"rendered":"https:\/\/wncen.com\/?p=435428"},"modified":"2024-06-11T13:02:49","modified_gmt":"2024-06-11T13:02:49","slug":"bitcoin-fees-post-halving-death-spiral","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-fees-post-halving-death-spiral\/","title":{"rendered":"How Rising Bitcoin Fees May Have Prevented Post-Halving Death Spiral"},"content":{"rendered":"

Bitcoin price has grown over 40%<\/a> since the asset’s halving this past May. The market braced for the miner “death spiral” caused by the sudden doubling of the cost of producing each BTC, but it never arrived.<\/p>\n

Now data is showing that rising Bitcoin fees might have been responsible, at least in part, for avoiding the miner death spiral from the cryptocurrency’s previous halving.<\/p>\n

BTC Mining Blockchain Backbone Healthier Than Ever<\/h2>\n

To ensure that Bitcoin required no third-party or intermediary to validate transactions and keep the network secure, Satoshi Nakamoto<\/a> developed the proof-of-work consensus algorithm that powers the first-ever cryptocurrency.<\/p>\n

To keep miners interested and pouring energy into powering the network, and incentive mechanism was designed, that unlocks more BTC with each block generation.<\/p>\n

The cryptocurrency’s built-in deflationary mechanism further reduces this supply roughly every four years. At the start of 2020, each block confirmed earned miners a reward of 12.5 BTC.<\/p>\n

Related Reading | Economist: Early Days of Bitcoin Uptrend Are Here, Breakout Has A Long Way To Go<\/a><\/strong><\/em><\/p>\n

As of May 11, 2020, that reward instantly became just 6.25 BTC. From that moment on, Bitcoin has risen by over 40% and still climbing. Crypto analysts basing their theories on past halving cycles<\/a> expected the increase in price as supply was reduced, but not before a miner induced “death spiral” took place.<\/p>\n

This death spiral<\/a> was expected to cause widespread capitulation in the weakest miners, forcing them to sell off their holdings to fund future mining operations. But here we are, some three months later, and this death spiral never arrived \u2013 but why? Rising fees may be the answer.<\/p>\n

\"bitcoin<\/p>\n

Bitcoin Narrowly Escapes Death Spiral Thanks To Rising Transaction Fees<\/h2>\n

Back at the crypto asset’s peak in 2017 at $20,000, one of the catalysts that sent the cryptocurrency bull run<\/a> tumbling, was the congestion of the Bitcoin network and skyrocketing fees.<\/p>\n

As crypto investors scrambled to buy BTC and send it to other exchanges to trade for altcoins at the peak of exuberance, the BTC network clogged and fees went through the roof. That reality that scalability was nowhere near capable of what was necessary to handle the sudden surge in interest, caused the crash to begin.<\/p>\n

Fees this time around, may have prevented a crash, however. Data shows<\/a> that fee-based revenue has increased dramatically since the halving. The average transaction fee averaged just $0.81 in January through the halving, but post-halving, this number has ballooned to $2.31.<\/p>\n

Related Reading | Crypto Is Up Over 80% in 2020\u2014and Google Users Are Taking Notice<\/a><\/strong><\/em><\/p>\n

As Bitcoin halves again and again in the future, eventually, no more Bitcoin will be released this way. Instead, the network itself should be self-sustaining where the asset’s valuations are high enough that fees sustain miners for the long-haul.<\/p>\n

Before this happens, fees have begun to become a more meaningful source for miners already, enough to prevent a total collapse driven by capitulating miners following a double in production costs.<\/p>\n

If blockchain activity happens to fall, however, the death spiral could catch yup with miners eventually.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin price has grown over 40% since the asset’s halving this past May. The market braced for the miner “death spiral” caused by the sudden doubling of the cost of producing each BTC, but it never arrived. Now data is showing that rising Bitcoin fees might have been responsible, at least in part, for avoiding the miner death spiral from the cryptocurrency’s previous halving. BTC Mining Blockchain Backbone Healthier Than Ever To ensure that Bitcoin required no third-party or intermediary to validate transactions and keep the network secure, Satoshi Nakamoto developed the proof-of-work consensus algorithm that powers the first-ever cryptocurrency. To keep miners interested and pouring energy into powering the network, and incentive mechanism was designed, that unlocks more BTC with each block generation. The cryptocurrency’s built-in deflationary mechanism further reduces this supply roughly every four years. At the start of 2020, each block confirmed earned miners a reward of 12.5 BTC. Related Reading | Economist: Early Days of Bitcoin Uptrend Are Here, Breakout Has A Long Way To Go As of May 11, 2020, that reward instantly became just 6.25 BTC. From that moment on, Bitcoin has risen by over 40% and still climbing. Crypto analysts basing their theories on past halving cycles expected the increase in price as supply was reduced, but not before a miner induced “death spiral” took place. This death spiral was expected to cause widespread capitulation in the weakest miners, forcing them to sell off their holdings to fund future mining operations. But here we are, some three months later, and this death spiral never arrived \u2013 but why? Rising fees may be the answer. Bitcoin Narrowly Escapes Death Spiral Thanks To Rising Transaction Fees Back at the crypto asset’s peak in 2017 at $20,000, one of the catalysts that sent the cryptocurrency bull run tumbling, was the congestion of the Bitcoin network and skyrocketing fees. As crypto investors scrambled to buy BTC and send it to other exchanges to trade for altcoins at the peak of exuberance, the BTC network clogged and fees went through the roof. That reality that scalability was nowhere near capable of what was necessary to handle the sudden surge in interest, caused the crash to begin. Fees this time around, may have prevented a crash, however. Data shows that fee-based revenue has increased dramatically since the halving. The average transaction fee averaged just $0.81 in January through the halving, but post-halving, this number has ballooned to $2.31. Related Reading | Crypto Is Up Over 80% in 2020\u2014and Google Users Are Taking Notice As Bitcoin halves again and again in the future, eventually, no more Bitcoin will be released this way. Instead, the network itself should be self-sustaining where the asset’s valuations are high enough that fees sustain miners for the long-haul. Before this happens, fees have begun to become a more meaningful source for miners already, enough to prevent a total collapse driven by capitulating miners following a double in production costs. If blockchain activity happens to fall, however, the death spiral could catch yup with miners eventually.<\/p>\n","protected":false},"author":517,"featured_media":435444,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[134,428,1119,1144,78790,6664,4524,76835],"class_list":["post-435428","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-altcoin","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nHow Rising Bitcoin Fees May Have Prevented Post-Halving Death Spiral<\/title>\n<meta name=\"description\" content=\"Bitcoin price has grown over 40% since the asset's halving this past May. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"How Rising Bitcoin Fees May Have Prevented Post-Halving Death Spiral","url":"http:\/\/wncen.com\/news\/bitcoin-fees-post-halving-death-spiral\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-fees-post-halving-death-spiral\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/bitcoin-crypto-halving-Depositphotos_8151649_xl-2015-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/bitcoin-crypto-halving-Depositphotos_8151649_xl-2015-scaled.jpg?fit=2560%2C1390"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoin","bitcoin","btc","btcusd","btcusdt","crypto","xbt","xbtusd"],"dateCreated":"2020-08-18T20:00:03Z","datePublished":"2020-08-18T20:00:03Z","dateModified":"2024-06-11T13:02:49Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"How Rising Bitcoin Fees May Have Prevented Post-Halving Death Spiral\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-fees-post-halving-death-spiral\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-fees-post-halving-death-spiral\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/bitcoin-crypto-halving-Depositphotos_8151649_xl-2015-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/bitcoin-crypto-halving-Depositphotos_8151649_xl-2015-scaled.jpg?fit=2560%2C1390\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoin\",\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2020-08-18T20:00:03Z\",\"datePublished\":\"2020-08-18T20:00:03Z\",\"dateModified\":\"2024-06-11T13:02:49Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/bitcoin-crypto-halving-Depositphotos_8151649_xl-2015-scaled.jpg?fit=2560%2C1390","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/435428"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=435428"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/435428\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/435444"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=435428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=435428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=435428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}