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15 Aug 2022
Bitcoin’s hashrate hasn’t grown in five months
Bitcoin’s hashrate keeps hovering around 200 EH/s, close to the same levels observed in March – five months ago.
Bitcoin’s hashrate keeps hovering around 200 EH/s, close to the same levels observed in March – five months ago. The weak bitcoin price has disincentivized miners from expanding capacity. In addition, supply chain issues have made hashrate expansion challenging, as there is a considerable lack of data center capacity to plug in the machines.A few months ago, most mining analysts expected the hashrate to reach around 300 EH/s by the end of the year, but it looks implausible now. The hashrate will likely end the year somewhere between 230 and 250 EH/s. The remaining growth during the year will be due to public miners like Marathon, Core Scientific, and Riot having massive expansion plans in Q3 and Q4.Source: BytetreeSource: Blockchain.comOther than that, we see that the number of active addresses is normalizing. The 7-day average of active addresses currently sits at 928k, compared to the bottom of 834k in the middle of June. On-chain activity is returning after an unusually calm on-chain period since the middle of June.In addition to the growing number of active addresses, the daily transaction volume has increased by 13% over the past seven days. With the number of transactions per day being relatively static at around 250k, the increase in daily transaction volume is due to the average transaction value increasing by 15%.Even though on-chain activity has been increasing, transaction fees are still low, with the average transaction fee over the past seven days being only $1.4. Transaction fees are currently only 1.7% of miner revenues, which is extremely low historically. The historical average since 2011 is 3.2%.