Time for records: five charts that show Bitcoin’s huge progress

Despite the prolonged crypto winter and pessimism of some market players, the Bitcoin network is feeling great, it is technically developing and becoming more efficient. To prove it, we provide only facts and graphs, no theories or subjective opinions!

 

Record of increase in mining difficulty. Bitcoin’s mining difficulty grew by 13.55% — the largest increase since May 2021 (when the cryptocurrency market experienced a serious collapse). The average hash rate on the network during this period of time was 254 exahashes per second.

 

Commissions on the Bitcoin network have fallen to a minimum. This week, the average transaction fee on the Bitcoin network was the equivalent of 69 cents, the lowest in more than a year. In addition, the volume of transferred value in the network is at an annual low — last day the figure was the equivalent of $6.55 billion, although this year’s high was up to $27 billion in mid-May.

 

HODL record. The number of BTC which haven’t been transferred for more than five years reached a new ATH — every fourth BTC is quietly lying in the wallet of its owner until better times. This indicator clearly shows that the so-called hodlers are at the peak of their power, despite the prolonged crypto winter and the general market decline. In other words, the active market supply of Bitcoin is declining, which promises an optimistic outlook for the price (assuming growing or unchanged demand).

 

Network efficiency and security. According to the Bitcoin Mining Council’s latest report, the first cryptocurrency’s network has become 73% more secure in a year, with only a 41% increase in energy consumption. At the same time, mining efficiency has increased by 23%. The Bitcoin network has never been stronger or more secure.

 

 

Bitcoin is increasingly environmentally friendly. According to The Bitcoin Mining Council (BMC), the share of “green” energy in the Bitcoin network has exceeded 65% (in other words, this energy comes from renewable sources). This figure is growing — a year earlier it was 56.5%. However, the industry-wide average is slightly worse — the percentage of “green” energy used for mining is now 58%.