But the change in dollar terms in the volume of data transfers on the network shows just how effectively bitcoin is scaling up.
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Bitcoin volume in the chain (adjusted for change) has hit a five-year low in bitcoins and is now 329,226 BTC per day over the past seven days. Low volume in the chain is an indicator of short-term decline as it shows low demand for network usage.
There are several reasons for the development of such events, one of which is coupled with the explosive growth of the lighting network and a centuries-old trend towards an increase in the BTC/USD exchange rate over the past decade. The same chart in US dollars looks very different.
Analysis of the change in data transfer volume in the network, in dollars, shows how effectively bitcoin is scaling up as a Money Network. Currently, the total exchange-adjusted transfer volume (seven-day moving average) on the bitcoin network is $ 15.2 billion, below a peak of over $ 50 billion in April, partly due to the recovered hash rate and faster-than-average lockout time.
Similarly, fees as a percentage of revenues from bitcoin mining have declined sharply and currently account for 1.46%. With the block grant falling to zero over time as the delivery issue is reduced fourfold programmatically over the next 120 years, wages will eventually reach 100% of the miner’s income. However, with miners ‘ profits now extremely high, this is not alarming, and competition is very strong (in dollars) as miners approach record sales in 2021.
