- July 25, 2018
- Posted by: Bitcoin Center NYC
- Category: The Latest Bitcoin News
CoinDesk today released their State of Blockchain Q2 2018 report which details key industry trends and events which occurred during the second quarter of this year. In a general summary of their own report they find: “To use crypto parlance, the second quarter was a painful time if you were HODLing – but a productive one if you were BUIDLing.”
The report is detailed and provides insight into cryptocurrencies, ICO’s, regulations, corporate developments, and a number of other areas that are useful in gaining a well-rounded view of the overall blockchain industry.
Key highlights from this quarterly report include:
- Bitcoin miner revenues fall by 22% along with average fees by 19%
- Bitcoin hashrate grew by 26% (fall short of the previous quarter’s 47% growth)
- SEC declared ether not a security, and eth price saw a 9% jump shortly after
- Total ICO funding reaches about $19 billion, with the average ICO $39 million
- Majority of survey respondents think price declines were caused by shorts and rebounds from over-speculation
Partial to bitcoin, the world’s first and most popular cryptocurrency ended the second quarter with a market capitalization of $106 billion and a price decline of 11%. Average mining fees remained low at $0.41 but hashrate growth slowed from a 47% growth rate in Q1 to 26%. Transaction volume fell 28% and miner revenues were down 22%. Although many dips are reported, there has been good news surrounding bitcoin development such as Goldman Sachs exploring a crypto-trading desk, an investment of $110m to Circle from Bitmain, Bitmain raising $400m from Sequoia Capital, and Andreessen Horowitz’ launch of a $300m cryptocurrency fund. As well, the continued low transaction fees can be attributed to the growing success of second layer solutions such as the Lightning Network.