In a world where cryptocurrencies continue to captivate the financial landscape, Bitcoin stands as the reigning champion, boasting a rich and eventful history. Today, as Block 800,000 was successfully mined, the crypto community witnesses yet another milestone etched into the digital ledger.
Lead On-chain Analyst at Glassnode, Checkɱate, took to Twitter to share the momentous occasion. The Bitcoin network exudes vitality with an impressive 19.437 million BTC minted and 268.7k BTC in fees paid to miners.
A closer look at the numbers reveals a fascinating tale. Combining the BTC block subsidy and fees yields an all-time miner revenue of $52.593 billion, with a substantial 94.5% coming from the subsidy and 5.5% from fees.
On average, each BTC block commands a revenue of $65.7k, a testament to the profitability of mining. However, not all the mined BTC sees the light of day. Approximately 7.5% of the total BTC, equaling 1.457 million BTC, has not been touched since Bitcoin’s initial exchange-traded price in July 2010, presumably lost forever.
Nevertheless, 74.6% of BTC is held securely off exchanges by Long-term Holders, while 2.68 million BTC remains with Short-term Holders, and 2.25 million BTC is stored on various exchanges.
Bitcoin Volume Transferred: A Staggering $109 Trillion
The Bitcoin Unspent Transaction Output (UTXO) set currently comprises 163.6 million UTXOs. Throughout history, 2.439 billion UTXOs were created, of which 2.275 billion have been spent and subsequently destroyed. The movement of BTC is a constant spectacle.
An astounding 8.378 billion BTC has been transferred throughout 800,000 blocks, averaging 10,473 BTC per block. Priced in USD, this amounts to an impressive $109 trillion ($137 million per block on average) in settlements conducted through the Bitcoin network.
The concept of “coindays” provides insight into the holding patterns of BTC. Coinday destruction, triggered when BTC is spent, enables observation of “holding time exiting.” Out of the 70.2 billion coindays created, 37.8 billion coindays have been destroyed, leading to a Liveliness rate of 0.538.
Transactions are the lifeblood of any blockchain, and Bitcoin’s transaction count speaks volumes about its utility. The network has confirmed over 867 million transactions, averaging 1,084 transactions per block. With an average transfer value of $126.4k per transaction, the significance of each transaction becomes evident.
Remarkably, all this immense data is condensed into a compact 497GB Bitcoin blockchain size, encompassing 867 million transactions over 14.5 years. The value transferred, UTXOs created, and coindays destroyed encapsulate the remarkable journey of Bitcoin—a true testament to the enduring power of cryptocurrency.
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