Despite declining daily transactions, NVT has begun to decrease, suggesting more on-chain value is being transmitted. SegWit and batching have massively improved scalability going forward for the next swath of heavy network usage.

Although many months away from mainstream use, the Lightning Network has also greatly improved the consistency of low-cost transaction fees for microtransactions. Future improvements to come for scalability and privacy include; bulletproofs, MimbleWimble, Schnorr signature aggregation, and MAST.

Bitcoin (BTC) has risen 16% over the past ten days, after falling 42% throughout May and June. The market cap stands at US$114.69 billion, with US$3.58 billion traded in the past 24 hours. Hash rate and difficulty continue to post record highs as more and more ASICs are added to the network.

Mining profitability has hit an all-time low, meaning that miners who account for a significant percentage of the hash rate are mining at a loss. However, a large drop in hash rate occurred after a mining farm in Asia was destroyed in a flood.

The event illustrates the importance of decentralized mining facilities and the risks to the network if mining becomes too centralized. As difficulty rises, mining profitability will continue to decrease, given that transactions per day remain relatively low. Read more from…

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