Web3 venture funding dropped 80% in first quarter
Venture funding for web3 fell 80% in the first quarter of 2023 from the same quarter a year earlier, according to K33 Research.
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Venture funding for web3 fell 80% in the first quarter of 2023 from the same quarter a year earlier, according to K33 Research.
The event will double the bitcoin production cost to around $40,000, creating a positive psychological effect, the report said.
The company reported $33 million in impairment charges to its bitcoin holdings, however.
The crypto exchange’s transaction revenue fell 44% from the second quarter.
The NFT monthly sales reached their high on January 2022 only to drop dramatically in June and continue their steady decline since.
The last Bitcoin halving took place on May 11, 2020, and the next bitcoin halving will likely occur in 2024.
Hash rate on the bitcoin network has hit a new all-time high of 281.79 million TH/s, and its next halving dates is projected to be as early as Q4 2023.
A separate graph also saw USDC and BUSD supply drop sharply in May, however both have since rebounded and are close to being back to their respective all-time high levels.
With BTC falling in price since November and revenues falling further due to increased competition, miners are starting to be cash-strapped and need a boost.
The Bitcoin hash rate hit another all-time high and the 105,000th block since the last halving was mined, marking the halfway to the next halving.