{"id":491308,"date":"2022-05-25T23:00:00","date_gmt":"2022-05-25T23:00:00","guid":{"rendered":"https:\/\/wncen.com\/?p=491308"},"modified":"2024-06-11T14:20:06","modified_gmt":"2024-06-11T14:20:06","slug":"bitcoin-on-chain-activity-throttled-after-luna-collapse","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-on-chain-activity-throttled-after-luna-collapse\/","title":{"rendered":"Bitcoin On-Chain Activity Throttled After LUNA Collapse"},"content":{"rendered":"

Bitcoin on-chain activity has fallen into the red after the infamous LUNA collapse. The collapse had no doubt reduced faith in the cryptocurrency market and has seen investors significantly reduce their activity in the space. This has led to losses across the board for miners as fee revenues, transaction volumes, and transaction values have all plummeted, all of which have seen daily miner revenues fall towards yearly lows.<\/p>\n

Bitcoin On-Chain Activity Declines<\/h2>\n

The previous week had seen on-chain activity ramp up during the height of the LUNA collapse. Mostly, this had been to investors scrambling to move their coins to avoid being affected by the downtrend that followed. As well as exchanges needing to restructure their bitcoin wallets following the carnage which had seen activity rise.<\/p>\n

Related Reading |\u00a0Eight Consecutive Red Closes: Is Bitcoin Headed For A Recovery?<\/a><\/strong><\/em><\/p>\n

Due to this, there had been a significant jump in the transaction volumes as well as the average transaction. Although this did not translate to more revenue for miners, recording a 21.85% fall from the prior week<\/a>. Miner revenues were even worse last week following the LUNA crash. It recorded an additional 7.95% loss that brought daily revenues to $25.5 million. The last time revenues were this low had been in July of 2021.<\/p>\n

\"btc<\/p>\n

Mining difficulty reaches all-time high | Source: Arcane Research<\/a><\/pre>\n
With the market settling from the crash and the exchange wallet restructurings done, on-chain activity has now returned to normal levels. What this resulted in has been a 44% collapse from the previous week and daily transaction volume is down almost 50% from last week\u2019s levels.<\/p>\n
Mining Difficulty Back Up<\/h2>\n
The bitcoin mining difficulty had been going down for the last couple of weeks, which had seen the block production rate surpass the 6 blocks per hour goal about three weeks ago. What followed was a correction in the mining difficulty that brought the mining difficulty back up. The adjustment has seen block production fall well below the target to be sitting at 5.64 blocks per hour.<\/p>\n
\"Bitcoin<\/p>\n
BTC declines below $30,000 once more | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The percentage of revenue made up by fees had also dropped 0.69% from the prior week to 1.81%. This was expected seeing that the fees per day had recorded a 33.48% decline in the same time period. Transactions per day were also down 6.185 to 252,532 daily transactions.<\/p>\n
Related Reading |\u00a0Bitcoin, Ethereum Exchange Inflows Suggest Sell-Offs Are Far From Over<\/a><\/strong><\/em><\/p>\n
Bitcoin\u2019s price had also taken a huge hit that had contributed to the decline in daily miner revenues, alongside the decreased block production rate which is now at an all-time high. An adjustment is expected on Wednesday that will likely reduce mining difficulty by 4% and 5%. With this, the block production rate is expected to increase and if the price of the digital asset does mirror this move, then miners may see a significant jump in revenues this week.<\/p>\n
Featured image from Seeking Alpha, charts from Arcane Research and TradingView.com<\/pre>\n
Follow <\/i><\/b>Best Owie on Twitter<\/i><\/b><\/a> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin on-chain activity has fallen into the red after the infamous LUNA collapse. The collapse had no doubt reduced faith in the cryptocurrency market and has seen investors significantly reduce their activity in the space. This has led to losses across the board for miners as fee revenues, transaction volumes, and transaction values have all plummeted, all of which have seen daily miner revenues fall towards yearly lows. Bitcoin On-Chain Activity Declines The previous week had seen on-chain activity ramp up during the height of the LUNA collapse. Mostly, this had been to investors scrambling to move their coins to avoid being affected by the downtrend that followed. As well as exchanges needing to restructure their bitcoin wallets following the carnage which had seen activity rise. Related Reading |\u00a0Eight Consecutive Red Closes: Is Bitcoin Headed For A Recovery? Due to this, there had been a significant jump in the transaction volumes as well as the average transaction. Although this did not translate to more revenue for miners, recording a 21.85% fall from the prior week. Miner revenues were even worse last week following the LUNA crash. It recorded an additional 7.95% loss that brought daily revenues to $25.5 million. The last time revenues were this low had been in July of 2021. Mining difficulty reaches all-time high | Source: Arcane Research With the market settling from the crash and the exchange wallet restructurings done, on-chain activity has now returned to normal levels. What this resulted in has been a 44% collapse from the previous week and daily transaction volume is down almost 50% from last week\u2019s levels. Mining Difficulty Back Up The bitcoin mining difficulty had been going down for the last couple of weeks, which had seen the block production rate surpass the 6 blocks per hour goal about three weeks ago. What followed was a correction in the mining difficulty that brought the mining difficulty back up. The adjustment has seen block production fall well below the target to be sitting at 5.64 blocks per hour. BTC declines below $30,000 once more | Source: BTCUSD on TradingView.com The percentage of revenue made up by fees had also dropped 0.69% from the prior week to 1.81%. This was expected seeing that the fees per day had recorded a 33.48% decline in the same time period. Transactions per day were also down 6.185 to 252,532 daily transactions. Related Reading |\u00a0Bitcoin, Ethereum Exchange Inflows Suggest Sell-Offs Are Far From Over Bitcoin\u2019s price had also taken a huge hit that had contributed to the decline in daily miner revenues, alongside the decreased block production rate which is now at an all-time high. An adjustment is expected on Wednesday that will likely reduce mining difficulty by 4% and 5%. With this, the block production rate is expected to increase and if the price of the digital asset does mirror this move, then miners may see a significant jump in revenues this week. Featured image from Seeking Alpha, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026\u00a0<\/p>\n","protected":false},"author":541,"featured_media":491314,"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":[428,640,86036,1119,1144,83641,86015],"class_list":["post-491308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-on-chain-metrics","tag-btc","tag-btcusd","tag-luna","tag-luna-crash"],"acf":[],"yoast_head":"\nBitcoin On-Chain Activity Throttled After LUNA Collapse<\/title>\n<meta name=\"description\" content=\"Bitcoin on-chain activity has fallen into the red after the infamous LUNA collapse. 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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":"Bitcoin On-Chain Activity Throttled After LUNA Collapse","url":"http:\/\/wncen.com\/news\/bitcoin-on-chain-activity-throttled-after-luna-collapse\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-on-chain-activity-throttled-after-luna-collapse\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/05\/on-chain-metrics.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/05\/on-chain-metrics.jpeg?fit=768%2C432"},"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 mining","bitcoin on-chain metrics","btc","btcusd","luna","luna crash"],"dateCreated":"2022-05-25T23:00:00Z","datePublished":"2022-05-25T23:00:00Z","dateModified":"2024-06-11T14:20:06Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin On-Chain Activity Throttled After LUNA Collapse\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-on-chain-activity-throttled-after-luna-collapse\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-on-chain-activity-throttled-after-luna-collapse\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/on-chain-metrics.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/on-chain-metrics.jpeg?fit=768%2C432\"},\"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 mining\",\"bitcoin on-chain metrics\",\"btc\",\"btcusd\",\"luna\",\"luna crash\"],\"dateCreated\":\"2022-05-25T23:00:00Z\",\"datePublished\":\"2022-05-25T23:00:00Z\",\"dateModified\":\"2024-06-11T14:20:06Z\"}<\/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\/2022\/05\/on-chain-metrics.jpeg?fit=768%2C432","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/491308"}],"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=491308"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/491308\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/491314"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=491308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=491308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=491308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}