{"id":504286,"date":"2022-09-29T17:00:01","date_gmt":"2022-09-29T17:00:01","guid":{"rendered":"https:\/\/uniquehot.com\/?p=504286"},"modified":"2024-06-11T07:19:15","modified_gmt":"2024-06-11T07:19:15","slug":"bitcoin-sees-massive-decline-in-on-chain-activity","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-sees-massive-decline-in-on-chain-activity\/","title":{"rendered":"Bitcoin Sees Massive Decline In On-Chain Activity"},"content":{"rendered":"

Bitcoin on-chain activity had been lit up like a Christmas tree over the weeks leading up to the Ethereum Merge. Even though the upgrade was not taking place on the bitcoin network, it was still significant for the crypto space, which led to increased activity across various networks. However, now that the Merge has been done and dusted, the network activity has begun to retrace to \u2018normal\u2019 levels, leading to a decline in on-chain activity.<\/p>\n

Bitcoin Mining Hashrate Drops<\/h2>\n

For the first time in two months, the bitcoin mining difficulty had adjusted downward. Due to this downward difficulty adjustment of 2.1%, the block production rate remained low at 5.94 blocks produced per hour. It coincided with the bitcoin hash rate hitting a new all-time high before a reversal was recorded.\u00a0<\/span><\/p>\n

Related Reading: Is Short Bitcoin ETF Exposure Gearing Up For A Squeeze?<\/a><\/strong><\/em><\/div>\n

Nevertheless, the difficultly adjustment has come as good news to bitcoin miners who have been watching their revenues plummet in the last week. The average transaction per block was down 1.55% in a 7-day period from 1,786 to 1,759.<\/p>\n

\"Bitcoin<\/p>\n

BTC hash rate retraces from all-time high | Source: Arcane Research<\/a><\/pre>\n
Bitcoin\u2019s mining hash rate has now returned to early September levels, showing a retracement back to pre-Merge levels. But this hash rate remains on the high side even through this, showing increased conviction from bitcoin miners during this time.<\/p>\n
Revenues Take A Hit<\/h2>\n
Bitcoin miners are still feeling the heat since the bear market has refused to hit up. Daily miner revenues have now hit one of their lowest points in the last year, with a little above $17 million in daily revenues. This accounted for a 4.04% decline over a 7-day period.<\/p>\n
Related Reading: Why Single-Digit Gains Is The Best Case Scenario For Bitcoin This September<\/a><\/strong><\/em><\/div>\n
Fees realized per day followed the same downward trend and dropped 19.49% to $254,199. This brought down the percentage of revenues made up by fees by another 0.28%, to come in at 1.48% of all revenues made up by fees.<\/p>\n
\"Bitcoin<\/p>\n
BTC price trending at previous peak highs | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
However, the largest declines for last week were recorded in the average transaction values and the daily transaction volumes. The former had ended up with a 37.61% decline in the last week, bringing the average transaction value to $12,304. At the same time, daily transaction volumes dropped 38.57%, from $5.023 billion to $3.085 billion. This was the largest drop that was recorded for the last week. Transactions per day were also down from $254,696 to $250,755, a 1.55% decline.<\/p>\n
Bitcoin\u2019s price has also followed this trend and has been struggling in the market. It had been unable to reclaim $20,000, now trading firmly at the previous cycle peak. Understandably, this has turned into a major support level for the bulls.\u00a0<\/span><\/p>\n
Featured image from Bitcoinist, charts from Arcane Research and TradingView.com<\/pre>\n
Follow <\/i><\/b>Best Owie on Twitter<\/i><\/b><\/a> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin on-chain activity had been lit up like a Christmas tree over the weeks leading up to the Ethereum Merge. Even though the upgrade was not taking place on the bitcoin network, it was still significant for the crypto space, which led to increased activity across various networks. However, now that the Merge has been done and dusted, the network activity has begun to retrace to \u2018normal\u2019 levels, leading to a decline in on-chain activity. Bitcoin Mining Hashrate Drops For the first time in two months, the bitcoin mining difficulty had adjusted downward. Due to this downward difficulty adjustment of 2.1%, the block production rate remained low at 5.94 blocks produced per hour. It coincided with the bitcoin hash rate hitting a new all-time high before a reversal was recorded.\u00a0 Related Reading: Is Short Bitcoin ETF Exposure Gearing Up For A Squeeze? Nevertheless, the difficultly adjustment has come as good news to bitcoin miners who have been watching their revenues plummet in the last week. The average transaction per block was down 1.55% in a 7-day period from 1,786 to 1,759. BTC hash rate retraces from all-time high | Source: Arcane Research Bitcoin\u2019s mining hash rate has now returned to early September levels, showing a retracement back to pre-Merge levels. But this hash rate remains on the high side even through this, showing increased conviction from bitcoin miners during this time. Revenues Take A Hit Bitcoin miners are still feeling the heat since the bear market has refused to hit up. Daily miner revenues have now hit one of their lowest points in the last year, with a little above $17 million in daily revenues. This accounted for a 4.04% decline over a 7-day period. Related Reading: Why Single-Digit Gains Is The Best Case Scenario For Bitcoin This September Fees realized per day followed the same downward trend and dropped 19.49% to $254,199. This brought down the percentage of revenues made up by fees by another 0.28%, to come in at 1.48% of all revenues made up by fees. BTC price trending at previous peak highs | Source: BTCUSD on TradingView.com However, the largest declines for last week were recorded in the average transaction values and the daily transaction volumes. The former had ended up with a 37.61% decline in the last week, bringing the average transaction value to $12,304. At the same time, daily transaction volumes dropped 38.57%, from $5.023 billion to $3.085 billion. This was the largest drop that was recorded for the last week. Transactions per day were also down from $254,696 to $250,755, a 1.55% decline. Bitcoin\u2019s price has also followed this trend and has been struggling in the market. It had been unable to reclaim $20,000, now trading firmly at the previous cycle peak. Understandably, this has turned into a major support level for the bulls.\u00a0 Featured image from Bitcoinist, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":504289,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,85949,679,1119,1144,78790,85736],"class_list":["post-504286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-on-chain","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt","tag-ethereum-merge"],"acf":[],"yoast_head":"\nBitcoin Sees Massive Decline In On-Chain Activity<\/title>\n<meta name=\"description\" content=\"Bitcoin on-chain activity had been lit up like a Christmas tree over the weeks leading up to the Ethereum Merge. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/uniquehot.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Sees Massive Decline In On-Chain Activity","url":"http:\/\/uniquehot.com\/news\/bitcoin-sees-massive-decline-in-on-chain-activity\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-sees-massive-decline-in-on-chain-activity\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/09\/Bitcoin-on-chain.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/09\/Bitcoin-on-chain.jpeg?fit=800%2C449"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin on-chain","bitcoin price","btc","btcusd","btcusdt","ethereum merge"],"dateCreated":"2022-09-29T17:00:01Z","datePublished":"2022-09-29T17:00:01Z","dateModified":"2024-06-11T07:19:15Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Sees Massive Decline In On-Chain Activity\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-sees-massive-decline-in-on-chain-activity\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-sees-massive-decline-in-on-chain-activity\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/Bitcoin-on-chain.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/Bitcoin-on-chain.jpeg?fit=800%2C449\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin on-chain\",\"bitcoin price\",\"btc\",\"btcusd\",\"btcusdt\",\"ethereum merge\"],\"dateCreated\":\"2022-09-29T17:00:01Z\",\"datePublished\":\"2022-09-29T17:00:01Z\",\"dateModified\":\"2024-06-11T07:19:15Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/09\/Bitcoin-on-chain.jpeg?fit=800%2C449","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/504286"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=504286"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/504286\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/504289"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=504286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=504286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=504286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}