Bitcoin News Summary – May 11, 2020

Bitcoin’s price dropped by 15% on Sunday just 2 days before the block reward halving. The unexpected drop is likely to have caught many traders off guard and data shows that BitMEX hourly liquidations reached $226 million.

Famous hedge fund manager, Paul Tudor Jones, whose fund has $7.8 billion under management, announced that he’s buying Bitcoin. Jones is using BTC to hedge against the fiat inflation he expects from the recent massive money-printing efforts by central banks. Jones compared Bitcoin to gold in the 70’s and referred to it as “the fastest horse in this environment.”

A team at Cambridge University released The Bitcoin Mining Map. The digital tool shows the geographical location of Bitcoin hash rate distribution and the countries where it’s concentrated based on the hashers that are connected to large mining pools. The map confirms that the majority of mining activity is concentrated in China.

New research suggests that the bulk of transactions across three major blockchains, including XRP, EOS, and Tezos, are comprised of valueless transactions. The research states that only 2% of XRP transactions lead to value transfers, 95% of recent EOS volume was linked to an airdrop, and 82% of Tezos transactions were related to network consensus.

Ethereum hit a significant milestone when its 10 millionth block was mined by the Ethermine pool. Another mining milestone was recently reached for Bitcoin, which hit a new hashrate record of almost 150 exahash per second. 

Finally, we’re just a few hours away from the 3rd Bitcoin halving event, so before we conclude I want to show you how to know when the halving will occur. 

The halving happens every 210,000 blocks, and since this is the 3rd halving it will occur on block number 630,000. While blocks are mined on average every 10 minutes, sometimes a block can be mined in just a few seconds and in other times it can take more than an hour. So no one can say exactly when we’ll hit block number 630,000.

There are several sites that track the current block number and give you a close estimate on how close we are to the event, but the actual time is anyone’s guess.

If you are as excited as we are about the halving, visit bitcoinclock.com to count down to Bitcoin’s 2020 halving, there’s a link in the description below.

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That’s what’s happened this week in Bitcoin. See you next week.

Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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