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.