{"id":478480,"date":"2021-12-08T23:00:34","date_gmt":"2021-12-08T23:00:34","guid":{"rendered":"https:\/\/wncen.com\/?p=478480"},"modified":"2024-06-11T14:09:39","modified_gmt":"2024-06-11T14:09:39","slug":"despite-red-bitcoin-on-chain-signals-flip-green","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/despite-red-bitcoin-on-chain-signals-flip-green\/","title":{"rendered":"Despite Red Bitcoin, On-Chain Signals Flip Green"},"content":{"rendered":"<p class=\"p1\">Bitcoin on-chain signals have remained green despite the recent red week. Bitcoin\u2019s price had taken a plunge towards $40K and had brought a lot of losses with it as billions of dollars in long positions were liquidated on December 4th in one of the sharpest declines of the year. Mostly this has brought down a number of metrics associated with the asset but on-chain signals remain resistant.<\/p>\n<p class=\"p1\">On-chain data all ranging from miner revenues, transaction fees, hashrate, and daily transaction volumes have all shown positive trends for bitcoin. None of this has been affected by the price decline.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/bitcoin\/number-of-bitcoin-lightning-network-nodes-jumps-23-in-three-months\/\">Number Of Bitcoin Lightning Network Nodes Jumps 23% In Three Months<\/a><\/strong><\/em><\/p>\n<h2 class=\"p1\">Hashrate Continues Recovery Trend<\/h2>\n<p class=\"p1\">Bitcoin hashrate had taken a big heat with the China crackdown on mining that took place earlier in the year. The region had gone from providing about 70% of the mining power to almost zero in a matter of weeks, leaving the hashrate to suffer greatly. This has since been rectified as bitcoin miners have found new locations to resume their mining activities.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-478482 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Onchain-hashrate.png?resize=460%2C174\" alt=\"Chart showing  bitcoin hashrate increase\" width=\"460\" height=\"174\"><\/p>\n<pre style=\"text-align: center\">BTC hashrate recovers post-market crash | Source: <a href=\"https:\/\/www.research.arcane.no\/\" rel=\"nofollow\">Arcane Research<\/a><\/pre>\n<p class=\"p1\">Since then, hashrate has been gradually picking back up and in the past week saw a significant increase. Bitcoin hashrate is up for the past seven days after the first difficulty reduction following ten difficulty adjustments. As the difficulty has dropped, so has the profitability of mining activities increased. Given this, more miners have gotten back in the game and set up their mining rigs once more, leading to a rise in hashrate.<\/p>\n<p class=\"p1\">Arcane Research also reported that this increased hashrate has led to an increase in block production rate. As more miners come back on board, an average of 6.46 blocks have been created each hour in the past week. This represents a significant increase of 11% in the same time frame.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/BuIVZjXZ\/\" alt=\"Bitcoin price chart from TradingView.com\" width=\"1345\" height=\"686\"><\/p>\n<pre style=\"text-align: center\">BTC loses footing at $50,000 | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/UG2tjOD6\/\" rel=\"nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<h2 class=\"p1\">Bitcoin Transaction Fees Rise<\/h2>\n<p class=\"p1\">Bitcoin transactions fees have remained low through the past weeks, but there was a recorded increase in fees in the past seven days. On average, bitcoin transaction fees grew by 33%. This growth however does not do much for miner revenue. Even though fees are up, they are still relatively meager and only bring in about 1.7% of the total miner revenues.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/bitcoin\/majority-of-bitcoin-investors-got-in-this-year-says-grayscale\/\">Majority Of Bitcoin Investors Got In This Year, Says Grayscale<\/a><\/strong><\/em><\/p>\n<p class=\"p1\">Average transaction value also jumped in the past week. As investors rushed to sell their holdings during the crash, the average transaction volume climbed by 8.3%. This was mostly due to holders who hold larger volumes moving their BTC to exchanges to sell, not only increasing average transaction volume, but also transaction fees at the same time.<\/p>\n<p class=\"p1\">Bitcoin daily miner revenues in the first week of December was $52,271,223 compared to daily revenues of $49,975,895 from the previous week. Fees per day, as well as transactions per day, were up at $891,499 and 276,680 respectively.<\/p>\n<pre style=\"text-align: center\">Featured image from PSU Watch, charts from Arcane Research and TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin on-chain signals have remained green despite the recent red week. Bitcoin\u2019s price had taken a plunge towards $40K and had brought a lot of losses with it as billions of dollars in long positions were liquidated on December 4th in one of the sharpest declines of the year. Mostly this has brought down a number of metrics associated with the asset but on-chain signals remain resistant. On-chain data all ranging from miner revenues, transaction fees, hashrate, and daily transaction volumes have all shown positive trends for bitcoin. None of this has been affected by the price decline. Related Reading |\u00a0Number Of Bitcoin Lightning Network Nodes Jumps 23% In Three Months Hashrate Continues Recovery Trend Bitcoin hashrate had taken a big heat with the China crackdown on mining that took place earlier in the year. The region had gone from providing about 70% of the mining power to almost zero in a matter of weeks, leaving the hashrate to suffer greatly. This has since been rectified as bitcoin miners have found new locations to resume their mining activities. BTC hashrate recovers post-market crash | Source: Arcane Research Since then, hashrate has been gradually picking back up and in the past week saw a significant increase. Bitcoin hashrate is up for the past seven days after the first difficulty reduction following ten difficulty adjustments. As the difficulty has dropped, so has the profitability of mining activities increased. Given this, more miners have gotten back in the game and set up their mining rigs once more, leading to a rise in hashrate. Arcane Research also reported that this increased hashrate has led to an increase in block production rate. As more miners come back on board, an average of 6.46 blocks have been created each hour in the past week. This represents a significant increase of 11% in the same time frame. BTC loses footing at $50,000 | Source: BTCUSD on TradingView.com Bitcoin Transaction Fees Rise Bitcoin transactions fees have remained low through the past weeks, but there was a recorded increase in fees in the past seven days. On average, bitcoin transaction fees grew by 33%. This growth however does not do much for miner revenue. Even though fees are up, they are still relatively meager and only bring in about 1.7% of the total miner revenues. Related Reading |\u00a0Majority Of Bitcoin Investors Got In This Year, Says Grayscale Average transaction value also jumped in the past week. As investors rushed to sell their holdings during the crash, the average transaction volume climbed by 8.3%. This was mostly due to holders who hold larger volumes moving their BTC to exchanges to sell, not only increasing average transaction volume, but also transaction fees at the same time. Bitcoin daily miner revenues in the first week of December was $52,271,223 compared to daily revenues of $49,975,895 from the previous week. Fees per day, as well as transactions per day, were up at $891,499 and 276,680 respectively. Featured image from PSU Watch, charts from Arcane Research and TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":478490,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,55860,1119,2312,84877,78072,84876,84878],"class_list":["post-478480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-hashrate","tag-btc","tag-hashrate","tag-miner-revenue","tag-on-chain","tag-on-chain-signals","tag-transaction-volumes"],"acf":[],"yoast_head":"\n<title>Despite Red Bitcoin, On-Chain Signals Flip Green<\/title>\n<meta name=\"description\" content=\"Bitcoin on-chain signals have remained green despite the recent red week. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Despite Red Bitcoin, On-Chain Signals Flip Green","url":"http:\/\/wncen.com\/news\/despite-red-bitcoin-on-chain-signals-flip-green\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/despite-red-bitcoin-on-chain-signals-flip-green\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Bitcoin-green.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Bitcoin-green.jpeg?fit=600%2C400"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin hashrate","btc","hashrate","miner revenue","on-chain","on-chain signals","transaction volumes"],"dateCreated":"2021-12-08T23:00:34Z","datePublished":"2021-12-08T23:00:34Z","dateModified":"2024-06-11T14:09:39Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Despite Red Bitcoin, On-Chain Signals Flip Green\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/despite-red-bitcoin-on-chain-signals-flip-green\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/despite-red-bitcoin-on-chain-signals-flip-green\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/12\\\/Bitcoin-green.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/12\\\/Bitcoin-green.jpeg?fit=600%2C400\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin hashrate\",\"btc\",\"hashrate\",\"miner revenue\",\"on-chain\",\"on-chain signals\",\"transaction volumes\"],\"dateCreated\":\"2021-12-08T23:00:34Z\",\"datePublished\":\"2021-12-08T23:00:34Z\",\"dateModified\":\"2024-06-11T14:09:39Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Bitcoin-green.jpeg?fit=600%2C400","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/478480"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=478480"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/478480\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/478490"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=478480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=478480"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=478480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}