Cautious Optimism In Mainstream Markets

The past week has been a period of calm in contrast to the rest of June. Having spent the previous 7 days between $20k and $21.5k, bitcoin is currently trading at $21k. This coincides with optimism — albeit cautious — in mainstream markets, albeit subdued, as investors await June's inflation figure from the Bureau of Labor Statistics in 2 weeks' time.

The 14-day average Network Hashrate has fallen slightly week-on-week from 213 EH/s to 206 EH/s as the Network continues adjusting to the prevailing economics of bitcoin mining. Difficulty currently stands at 29.6T following last Wednesday's 2.3% downwards adjustment; early signs suggest a further 2% decrease mid-next week. Hash price is around $0.09 — slightly above earlier this month's $0.07 low.

Uzbekistan, neighbour of crypto-mining powerhouse Kazakhstan, has outlined an updated stance on bitcoin miners operating within its borders. The National Agency of Prospective Projects state proceeds of mining will be tax-free, although only power sourced through self-owned solar generation plants can be used — no problem in a country dubbed the Sunny Republic.