11 Apr 2022

Bitcoin on-chain summary: All red on-chain

All the on-chain numbers we track see red developments over the past seven days, as both bitcoin’s price and the network activity suffer.
Daily miner revenues have declined by 8% over the past seven days and are now back below $40 million, where they have stayed for most of 2022.After staying at some of its highest levels so far in 2022, transaction fees see a massive 33% decline and are now just above 1% of miner revenues. Mining economics continue to be entirely dependent on the block subsidy.
Screenshot 2022-04-12 094540
Source: Bytetree
We see a 26% decline in the daily transaction volume, corresponding with the meager bitcoin spot volume we have seen lately.The slow block production rate continues, and we will most likely see a 1-2% reduction in the difficulty tomorrow.The hashrate continues to stay flat and has not grown as much in 2022 as expected. Miners have struggled with getting their projected hashrate online, possibly due to a combination of supply chain issues and too lofty goals.
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