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BTC - Average Tx Fees per Block, BRC-20-Adjusted (USD)

Description

The Bitcoin Average Transaction Fees per Block, BRC-20-Adjusted shows the average fees per block paid in USD for each time period, excluding BRC-20 reveal transaction fees. Unadjusted Fees (USD) shows the adjustment's effect. Separating out BRC-20 transactions allows us to see how much network activity is substantial, and how much is lower-impact BRC-20 transactions.

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:
  block.fees_sum := sum(block.tx[].output[].sats) - sum(block.tx[].input[].sats)
  block.fees_sum_usd := block.fees_sum * btc_usd_market_rate
  block.fees_brc20 := sum(block.brc20_tx[].output[].sats) - sum(block.brc20_tx[].input[].sats)
  block.fees_adj := fees_sum - fees_brc20
  block.fees_adj_usd := block.fees_adj * btc_usd_market_rate
  (x,y1) := (block.time, block.fees_sum_usd)
  (x,y2) := (block.time, block.fees_adj_usd)

for each hour in blockchain:
  hr_tx_fees_avg_usd := avg(blockchain[hr_start:hr_end].fees_sum_usd)
  hr_tx_fees_adj_usd := avg(blockchain[hr_start:hr_end].fees_adj_usd)
  (x,y1) := (hour, hr_tx_fees_avg_usd)
  (x,y2) := (hour, hr_tx_fees_adj_usd)

for each day in blockchain:
  day_tx_fees_avg_usd := avg(blockchain[day_start:day_end].fees_sum_usd)
  day_tx_fees_adj_usd := avg(blockchain[day_start:day_end].fees_adj_usd)
  (x,y1) := (day, day_tx_fees_avg_usd)
  (x,y2) := (day, day_tx_fees_adj_usd)

Technical Info

When a transaction is created, extra Satoshis are voluntarily included by the transactor that miners can claim, called fees. Fees are the incentive for a miner to prioritize one's transaction. They are found by subtracting the value sum of a transaction's outputs from it's inputs.

Higher fees indicate a strong user desire to transact. Historically, times of sustained high fees correlate to Bitcoin price movement.

Since transaction inscriptions were made popular with the BRC-20 protocol, Bitcoin's transaction backlog has grown so much that most blocks since its inception have been filled up with transactions. This saturation has made it difficult to see non-BRC-20 activity without adjusting metrics. This chart separates the data and allows us to see both components.

The Satoshi-valued version of this metric is available on its own page. See related metrics.

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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