Bitcoin On-Chain Activity Picks Up Despite Downtrend
Bitcoin is currently trading below $19,000 after marking a new two-month low for the digital asset. The drop in price shows the lack of enthusiasm for the digital resource despite being the largest in the area. Despite the downtrend that has brought it to this level, chain values have lit up green. The recovery in some calculations shows a complete deviation from the price and network activity.
Bitcoin Hashrate Makes New ATH
The Bitcoin hashrate had seen one of the biggest recoveries in the past week. There had been some decline in the bitcoin hash rate last week, but it quickly picked up this year. The hash rate had broken above 225 EH/s, making it incredibly close to breaking its current all-time high of 231 EH/s.
Block production rates had obviously increased with the increase in hash rate. With 6.64 blocks produced per hour for the previous week, the network had recorded its second largest mining difficulty adjustment of the year at 9.3%. The adjustment brought the block production rate to 6.2, close to the target of 6.
Hashrate nears ATH | Source: Arcane Research
All of the hash rates added last week came as temperatures begin to normalize across regions of the United States. This has led to bitcoin miners who had previously taken their operations offline due to the energy crisis to come back online, taking the hash rate with them.
The average transaction per block also saw an increase during this time. It went from 1,647 transactions the week before to 1,868 transactions last week, representing an increase of 2.37%.
A sea of green
The Bitcoin mining hashrate wasn’t the only thing seen in the green for the week. Other calculations came out with even greater growth for the week. The biggest growth was recorded in fees per day, which has pushed up the percentage of miner income that consists of fees. A growth of 31.95% says fees per day grow from $209,577 to $276,538. This brought fee income up 0.46% from 1.01% the previous week to 1.47% last week.
BTC price trending at $18,900 | Source: BTCUSD on TradingView.com
Daily transaction volumes increased by 23.32% last week, while average transaction values grew 20.47% from $11,422 to $13,760. Transactions per day were also in the green for the week, coming in at 251,018, up 2.37% from last week’s 245,211.
However, despite the sea of green recorded for last week, the earnings of bitcoin daily miners fell. A change of -9.54% had caused the earnings of miners to fall back towards the $18 million level. The other metric that saw red this week was the number of blocks produced which fell 6.63%, from 6.64 to 6.2.
Featured image from Spectrum Markets, charts from Arcane Research and TradingView.com
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