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BTC - Tx Rate, BRC-20-Adjusted (Tx/s)
Description
The Bitcoin Transaction Rate, BRC-20-Adjusted shows the frequency of transactions, averaged over time, excluding BRC-20 reveal transactions. Unadjusted Transaction Rate (Tx/s) shows the adjustment's effect.
Adjusted data starts at BRC-20's first block: 767430 (Dec 14, 2022)
Bitcoin's USD Market Price is included for reference.
Pseudocode
for each block in blockchain:
blk_tx_count_adj := block.tx_count - block.brc_tx_count
blk_tx_rate := block.tx_count / (block.time - block.prev_blk.time)
blk_tx_rate_adj := block.blk_tx_count_adj / (block.time - block.prev_blk.time)
(x,y1) := (block.time, blk_tx_rate)
(x,y2) := (block.time, blk_tx_rate_adj)
for each hour in blockchain:
hr_tx_rate := avg(blockchain[hr_start:hr_end].blk_tx_rate)
hr_tx_rate_adj := avg(blockchain[hr_start:hr_end].blk_tx_rate_adj)
(x,y1) := (hour, hr_tx_rate)
(x,y2) := (hour, hr_tx_rate_adj)
for each day in blockchain:
day_tx_rate := avg(blockchain[day_start:day_end].blk_tx_rate)
day_tx_rate_adj := avg(blockchain[day_start:day_end].blk_tx_rate_adj)
(x,y1) := (day, day_tx_rate)
(x,y2) := (day, day_tx_rate_adj)
Technical Info
Since BRC-20's inception, a significant number of transactions have been created, filling up all the extra space in the majority of blocks since then. Differentiating and isolating this network activity gives us a better view of underlying network utilization and health. This chart shows what portion of the transaction rate is dedicated to BRC-20 reveal transactions.
Bitcoin's transaction rate is controversially slow, much slower than many other cryptocurrencies and traditional finance payment systems. While it is debatable whether or not this is a good thing, layer 2 solutions are working to improve on transaction rate without changing existing specifications.
The Bitcoin transaction rate factors the block production rate into the transaction count to get the average transaction flow rate. Due to high noise at the block-level, using daily data with moving averages is recommended.
- Hourly and daily aggregations are derived from block data using average for this metric.
- Hourly data contains occasional gaps; no blocks were generated during these times.
Disclaimers
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