Data from CoinMetrics shows that the Bitcoin blockchain will record over $8 trillion worth of transfers in 2022.
According to data, the total volume transferred via blockchain declined in the second half of the year.
Bitcoin also increased in blockchain size and hashrate, with annual growth rates of 16% and 56% respectively.
Bitcoin continues to float below $17,000 as crypto markets enter 2023 amid brutal post-2022 uncertainty.
But while the price has fallen significantly over the year to see Bitcoin trading down nearly 60% over the past year, the data suggests the flagship cryptocurrency still has decent on-chain value transfer. indicates that you have seen
Over $8 Trillion Transferred Via the Bitcoin Blockchain
More than $8.2 trillion in value was transferred via the Bitcoin blockchain in 2022, according to data recently shared by crypto and blockchain analytics platform CoinMetrics. Transactions reached a value of $260,000 per second transferred over the network.
James Lopp, co-founder and CTO of cryptocurrency custody startup Casa, said: share Twitter stats.
.@coin metrics It is estimated that $8.2 trillion will be transferred through the Bitcoin blockchain in 2022, averaging $260,000 per second (by excluding outputs that are likely to change). pic.twitter.com/LaQgAsu82k
— Jameson Lopp (@lopp) January 1, 2023
According to the data, the highest number of values transferred occurred in the first half of the year, with the largest chunks of these seen from March to early May. The bear market and contagion that followed the demise of Terra Luna and several crypto-focused companies marked the beginning of a recession that would last throughout the year.
Blockchain Grows 16%, Hashrate Grows 56%
Meanwhile, Bitcoin’s blockchain size increased from 383.3 GB to 446 GB, showing an annual growth rate of about 16.4%.
The network hashrate also rose despite the bear market crash that forced several miners into bankruptcy. Data on the growth of total network hashrate in 2022 showed a 56% leap from 175 exahashes per second (EH/s) to 274 EH/s.
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