{"id":517988,"date":"2023-01-30T23:00:39","date_gmt":"2023-01-30T23:00:39","guid":{"rendered":"https:\/\/wncen.com\/?p=517988"},"modified":"2024-06-11T10:09:45","modified_gmt":"2024-06-11T10:09:45","slug":"level-crucial-bitcoin-pow-pricing-model","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/level-crucial-bitcoin-pow-pricing-model\/","title":{"rendered":"This Level Could Be Crucial For Bitcoin, PoW Pricing Model Suggests"},"content":{"rendered":"

The Bitcoin difficulty per issuance, a proof-of-work (PoW) pricing model, might provide hints about the following crucial level BTC would have to clear.<\/p>\n

Bitcoin Approaches Difficulty Per Issuance Model 2.0 Level<\/h2>\n

As pointed out by an analyst on Twitter<\/a>, the BTC price is almost double the cost of production now. The “difficulty per issuance” is a Bitcoin PoW pricing model based on two metrics: the mining difficulty and the issuance.<\/p>\n

The mining difficulty<\/a> is a mechanism of the Bitcoin network that sets the computing difficulty for miners to mint new coins and insert blocks on the chain. The difficulty exists because the BTC network was configured to keep its supply production around a constant value.<\/p>\n

Whenever the Bitcoin hashrate<\/a>, a measure of the total amount of computing power connected to the blockchain, changes its value, the rate at which miners produce new blocks also fluctuates. As the network is set to prevent this, it adjusts the difficulty exactly as much as is needed to counter these fluctuations.<\/p>\n

Because the difficulty is dependent on the hashrate in this way, it encapsulates all the mining-related expenses that miners incur and can thus be used to estimate production costs.<\/p>\n

The difficulty per issuance model is based on this idea. To calculate the cost of 1 BTC, the model divides the difficulty term with the “issuance,” the total amount of new coins added to the circulating supply.<\/p>\n

Related Reading: Bitcoin Volatility Ahead? Open Interest Registers Sharp Jump<\/a><\/div>\n

Now, here is a chart that shows the three essential levels of this model and where Bitcoin stands in relation to them:<\/p>\n

\"Bitcoin<\/p>\n

The three difficulty per issuance pricing levels | Source: @paulewaulpaul on Twitter<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin price was under the difficulty per issuance 1.41 level a while back (the middle line). This level represents a kind of average cost of production for the BTC miners.<\/p>\n
The bottom line gives a lower bound estimation for the cost of production, while the top line gives an upper bound. The chart shows that BTC never touched the lower bound in this cycle.<\/p>\n
Related Reading: Bitcoin Mining Difficulty Touches New ATH Following 4.68% Adjustment<\/a><\/div>\n
With the latest rally, BTC has broken above the 1.41 level and is now approaching the 2.0 level (the upper bound). In the past, Bitcoin has remained between these two levels for extended periods during a few different instances.<\/p>\n
Usually, bull rallies<\/a> have taken place after Bitcoin has successfully broken out of this zone in the past. So, if the crypto’s price manages to go beyond this level, it might be a positive sign for investors.<\/p>\n
However, the coin being rejected from the difficulty per issuance 2.0 level is just as real a possibility as there is historical precedence for it. Now it remains to be seen how the price will react once it retests this line (assuming it even does one in this rally).<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $23,100, up 1% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like BTC hasn't moved much recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Brian Wangenheim on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Bitcoin difficulty per issuance, a proof-of-work (PoW) pricing model, might provide hints about the following crucial level BTC would have to clear. Bitcoin Approaches Difficulty Per Issuance Model 2.0 Level As pointed out by an analyst on Twitter, the BTC price is almost double the cost of production now. The “difficulty per issuance” is a Bitcoin PoW pricing model based on two metrics: the mining difficulty and the issuance. The mining difficulty is a mechanism of the Bitcoin network that sets the computing difficulty for miners to mint new coins and insert blocks on the chain. The difficulty exists because the BTC network was configured to keep its supply production around a constant value. Whenever the Bitcoin hashrate, a measure of the total amount of computing power connected to the blockchain, changes its value, the rate at which miners produce new blocks also fluctuates. As the network is set to prevent this, it adjusts the difficulty exactly as much as is needed to counter these fluctuations. Because the difficulty is dependent on the hashrate in this way, it encapsulates all the mining-related expenses that miners incur and can thus be used to estimate production costs. The difficulty per issuance model is based on this idea. To calculate the cost of 1 BTC, the model divides the difficulty term with the “issuance,” the total amount of new coins added to the circulating supply. Related Reading: Bitcoin Volatility Ahead? Open Interest Registers Sharp Jump Now, here is a chart that shows the three essential levels of this model and where Bitcoin stands in relation to them: The three difficulty per issuance pricing levels | Source: @paulewaulpaul on Twitter As displayed in the above graph, the Bitcoin price was under the difficulty per issuance 1.41 level a while back (the middle line). This level represents a kind of average cost of production for the BTC miners. The bottom line gives a lower bound estimation for the cost of production, while the top line gives an upper bound. The chart shows that BTC never touched the lower bound in this cycle. Related Reading: Bitcoin Mining Difficulty Touches New ATH Following 4.68% Adjustment With the latest rally, BTC has broken above the 1.41 level and is now approaching the 2.0 level (the upper bound). In the past, Bitcoin has remained between these two levels for extended periods during a few different instances. Usually, bull rallies have taken place after Bitcoin has successfully broken out of this zone in the past. So, if the crypto’s price manages to go beyond this level, it might be a positive sign for investors. However, the coin being rejected from the difficulty per issuance 2.0 level is just as real a possibility as there is historical precedence for it. Now it remains to be seen how the price will react once it retests this line (assuming it even does one in this rally). BTC Price At the time of writing, Bitcoin is trading around $23,100, up 1% in the last week. Looks like BTC hasn’t moved much recently | Source: BTCUSD on TradingView Featured image from Brian Wangenheim on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":517991,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,87742,640,17030,87740,87741,1119,1144],"class_list":["post-517988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-difficulty-per-issuance","tag-bitcoin-mining","tag-bitcoin-mining-difficulty","tag-bitcoin-pow-pricing-model","tag-bitcoin-price-model","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nThis Level Could Be Crucial For Bitcoin, Pricing Model Suggests<\/title>\n<meta name=\"description\" content=\"The Bitcoin difficulty per issuance, a PoW pricing 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"This Level Could Be Crucial For Bitcoin, PoW Pricing Model Suggests","url":"http:\/\/wncen.com\/news\/level-crucial-bitcoin-pow-pricing-model\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/level-crucial-bitcoin-pow-pricing-model\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/brian-wangenheim-oP92PpqgU-4-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/brian-wangenheim-oP92PpqgU-4-unsplash-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin difficulty per issuance","bitcoin mining","bitcoin mining difficulty","bitcoin pow pricing model","bitcoin price model","btc","btcusd"],"dateCreated":"2023-01-30T23:00:39Z","datePublished":"2023-01-30T23:00:39Z","dateModified":"2024-06-11T10:09:45Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"This Level Could Be Crucial For Bitcoin, PoW Pricing Model Suggests\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/level-crucial-bitcoin-pow-pricing-model\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/level-crucial-bitcoin-pow-pricing-model\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/brian-wangenheim-oP92PpqgU-4-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/brian-wangenheim-oP92PpqgU-4-unsplash-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin difficulty per issuance\",\"bitcoin mining\",\"bitcoin mining difficulty\",\"bitcoin pow pricing model\",\"bitcoin price model\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-01-30T23:00:39Z\",\"datePublished\":\"2023-01-30T23:00:39Z\",\"dateModified\":\"2024-06-11T10:09:45Z\"}<\/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\/2023\/01\/brian-wangenheim-oP92PpqgU-4-unsplash-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/517988","targetHints":{"allow":["GET"]}}],"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\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=517988"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/517988\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/517991"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=517988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=517988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=517988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}