- Coinmetrics data shows that the bitcoin blockchain will register transfers worth over $8 trillion in 2022.
- According to the data, the total amount transferred via blockchain decreased in the second half of the year.
- Bitcoin saw an increase in blockchain size and hashrate, with annual growth rates of 16% and 56%, respectively.
Bitcoin The crypto market continues to fluctuate below $17,000 as it enters 2023 due to the continuing uncertainty after a brutal 2022.
But while prices took a massive tumble throughout the year to see bitcoin trading down almost 60% compared to the previous year, data shows the leading cryptocurrency still saw significant on-chain value transfers.
Over $8 Trillion Transferred Through the Bitcoin Blockchain
According to data recently shared by crypto and blockchain analytics platform Coinmetrics, more than $8.2 trillion in value will move through the bitcoin blockchain in 2022. $260,000 worth of transactions were transferred on the network per second.
James Lopp, co-founder and CTO of crypto custody startup Casa, shared figure on twitter.
,@coinmetrics Estimates (removing potential change outputs) that $8.2T were transferred via the bitcoin blockchain in 2022, at an average of $260,000 per second. pic.twitter.com/LaQgAsu82k
— Jameson Lope (@Lope) January 1, 2023
According to the data, the highest amount of value was transferred in the first half of the year, with the largest portion of this observed from March to early May. The bear market and transition following the demise of Terra Luna and several crypto-focused companies marked the beginning of a downturn that persisted throughout the year.
Blockchain up 16%, hash rate up 56%
Meanwhile, the size of the bitcoin blockchain grew from 383.3 GB to 446 GB, representing an annual growth rate of approximately 16.4%.
The network hash rate has also increased despite the bear market crash that has pushed many miners into bankruptcy. The data showed a 56% jump on total network hash rate growth for 2022, from 175 exahashes per second (EH/s) to 274 EH/s.