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BTC - Transaction Rate, Entity-Adjusted (Tx/s)

Description

The Bitcoin Transaction Rate, Entity-Adjusted shows the frequency of inter-entity transactions, averaged over time.

The Bitcoin Transaction Rate, Unadjusted shows the frequency of all transactions, averaged over time.

Bitcoin's USD Market Price is included for reference.

Pseudocode

Bitcoin Block Transaction Rate, Unadjusted:

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)
  (x,y1) := (block.time, blk_tx_rate)

for each hour in blockchain:
hr_tx_rate := avg(blockchain[hr_start:hr_end].blk_tx_rate)
(x,y1) := (hour, hr_tx_rate)

for each day in blockchain:
day_tx_rate := avg(blockchain[day_start:day_end].blk_tx_rate)
(x,y1) := (day, day_tx_rate)

Bitcoin Block Transaction Rate, Entity-Adjusted:

for each block in blockchain:
  block.tx_count_eadj := 0
  for each tx in block:
    tx.mesmerdata_annotate_entity_info()
    if not tx.is_intra_entity:
      block.tx_count_eadj += 1
  blk_tx_rate_eadj := block.tx_count_eadj / (block.time - block.prev_blk.time)
  (x,y2) := (block.time, blk_tx_rate_eadj)

for each hour in blockchain:
hr_tx_rate_eadj := avg(blockchain[hr_start:hr_end].blk_tx_rate_eadj)
(x,y2) := (hour, hr_tx_rate_eadj)

for each day in blockchain:
day_tx_rate_eadj := avg(blockchain[day_start:day_end].blk_tx_rate_eadj)
(x,y2) := (day, day_tx_rate_eadj)

Technical Info

Entity-adjusted transaction rate is calculated for each block by using the entity-adjusted transaction count when computing rate. The adjusted transaction count is computed by removing intra-entity transactions. Intra-entity transactions are easy to define: if all output addresses belong to one entity, and that entity is the same as the input entity (always singular), then it is an intra-entity transaction.

Each block's coinbase transaction is included in the unadjusted transaction count, and excluded from the adjusted count.

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.

Our entity tracking uses a proprietary algorithm, the foundation of which groups transaction input addresses. We currently track over 99 600 000 entities, spanning over 795 000 000 addresses. The largest entity has approximately 37 480 000 addresses, and the average has 7.98.

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.

Related Metrics

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