March is behind us, and thus we can look at how the Bitcoin (BTC) network performed! In this article, we cover a couple of positive trends we see in the network. We will also look at the current state of Bitcoin. All of these analyses are based on data gathered by The Block.
Number of active and new addresses
The first positive trend we saw continuing in March is the number of active addresses on the Bitcoin network. Since January 2020, the amount of monthly active addresses is growing month after month. In March, we saw 35,3 million active addresses, an increase compared to February. In that month, we saw 32,1 million active addresses.
Secondly, the number of new addresses on the Bitcoin network increased as well. This figure shows an upward trend since February 2018, and this trend seems to continue in 2021. In March, 16,3 million new wallets were created, indicating more and more people find their way to Bitcoin! The high for this year was set in January when the BTC price made its impressive upward move. Then 17,1 million new wallets were created by investors and users.
Bitcoin miner revenue
For bitcoin miners, March was the best month ever. Never before did bitcoin miners generate this big revenue. In February, miners generated a revenue of $1,36 billion, which was then the all-time high. In March, this all-time high was broken by the miners already. The bitcoin mining revenue rose to $1,75 billion. Looking at the current data for April, bitcoin miners seem to be well underway to reach these high figures this month as well.
Bitcoin miners are directly profiting from the increased activity on the network. The percentage of the miner’s income that came out of transaction fees has steadily increased in the past months. 9,6% of the revenue generated by miners was generated through transaction fees in March.
Bitcoin hash rate
Looking at the positive indicators above, it is unsurprising to see that more miners join the network every day. While more and more ASIC miners are turned on, the hash rate grows. The hash rate is a direct indicator of the total computing power available on the network. The more miners are mining bitcoin, the safer the network becomes.
Looking at the 7-day moving average of the hash rate, we see that the network reached a new all-time high yesterday. The hash rate yesterday was estimated to be 171,87 exahashes per second (EH/s). What does this tell us? This tells us that the network is doing well and is attracting more new miners. Also, existing miners are likely to expand their operations due to the bullish sentiment on the market.
Surf the wave
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