10 Common Bitcoin On-Chain Data (Part I)
On-chain data is usually used to examine one crypto value, performance, stability, popularity, etc. of a blockchain. Taking Bitcoin as an example, we will show the 10 most common on-chain data.
Almost every 10 minutes, one block is generated in Bitcoin blockchain. Daily Block Number is relatively stable around 144 blocks. Taking into account the randomness, there is still a difference in the number of days. You can see that in the early days of Bitcoin, this number was not very stable.
2. BTC Block Size (Bytes)
The size of the block reflects the transaction activity of the coin. The more active the transaction, the more transactions are generated, and the larger the block. Of course, it is also related to smart contracts and NFTs. The more complex the contract is, the more block space it occupies. You can see that it is obvious that Bitcoin’s blocks are getting bigger and bigger, indicating that more and more Bitcoin transactions are involved. In the past two years, with the introduction of Bitcoin NFT, the block size has continued to increase.
3. BTC Period of Block Generation (second)
The time interval for Bitcoin to generate blocks, according to the Bitcoin code, is almost every 10 minutes. However, the process of calculating the block hash is random, so you can see that sometimes one block is generated in one or two minutes, and sometimes one block is generated in an hour. This chart further proves the randomness of the Bitcoin network, but overall it is stable.
4. BTC Daily average hashrate (EH/s)
Bitcoin’s hash power is an important indicator. For users who pay attention to Bitcoin prices and Bitcoin mining, this indicator will be observed every day. The hash power indicates how much computing power is involved in Bitcoin mining. As miners increase and the performance of mining machines improves, the hash power of Bitcoin is almost getting higher and higher. As the price of Bitcoin increases, the hash power is usually accompanied by a significant increase, so miners will get more value at this time; when the price of Bitcoin falls back, the hash power may also fall back. Through this indicator, you can calculate the bitcoin mining cost for bitcoin miners. That is, when the price of Bitcoin is lower than the mining cost for miners, miners will suffer mining losses. At this time, miners may choose to shut down, resulting in a decrease in hash power. Of course, as the hash power decreases, , the probability of miners mining Bitcoin will increase.
5. BTC Mining difficulty (T)
The difficulty of Bitcoin mining is also an important indicator. As the name suggests, it indicates the difficulty of mining Bitcoin. The higher the value, the lower the probability of mining Bitcoin per unit hash power. Overall, it is becoming increasingly difficult to mine Bitcoin.
