04 Apr 2022

Bitcoin on-chain summary: Hashrate stagnating

After growing relentlessly from July, the hashrate has stagnated in the last two months.
btc hashrate.svg
As we finished 2021, most analysts, including us, expected the hashrate to reach 300 EH/s in 2022. The hashrate grew quickly at the beginning of the year but has stagnated in the last two months.Currently sitting at 200 EH/s, the hashrate must grow by 5% a month to reach 300 EH/s by the end of 2022, making this target still well within the range.The slower than usual hashrate may be caused by the current supply-chain issues, making it harder for miners to build new facilities and get machines delivered.Although publicly listed miners control a growing share of Bitcoin’s hashrate, most have been slower in adding new hashrate than planned and have continually missed their hashrate targets.
Screenshot 2022-04-05 124257
Source: Bytetree
The difficulty is sitting at an all-time high after a 4% difficulty adjustment last week, causing the block production rate to decrease to 5.93 blocks per hour.Transaction fees continue to increase, growing 34% over the past seven days.Increased transaction fees were caused by higher network activity, as we see a 10% growth in the daily transaction volume, making the average transaction value increase by 7%.
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