28 Mar 2022

Bitcoin on-chain summary: All-time high in mining difficulty next?

On-chain metrics continue flashing green as bitcoin’s price pump leads to increased network activity.
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Daily miner revenues increased 7% over the past seven days and are now sitting just below $42 million, the highest level in more than one month.A higher demand for block space led transaction fees to grow 20% and are currently $460,000 per day. They still make up only 1.1% of daily miner revenues, so they are still meager historically, as we have become accustomed to since the summer.The daily transaction volume increased by 11% and is now $6.4 billion per day. This increase was caused mainly by a 9% growth in the average transaction value, as we only saw a 1.5% increase in the number of transactions per day.
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Source: Bytetree
The growing army of bitcoin miners continues churning out blocks at the speed of light, producing 6.2 blocks per hour over the past seven days.Since the current block production rate is much higher than the target of 6 blocks per hour, we might see a 4-5% increase in the mining difficulty this Thursday.A 4-5% difficulty adjustment will put the difficulty at an all-time high. Who would have expected that last June, when China banned bitcoin mining leading 50% of the hashrate to go offline?
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