Happy Birthday Bitcoin! Here’s a Look at Bitcoin’s 11th Year by the Numbers
On January three, 2009, the pseudonymous developer(s) Satoshi Nakamoto bootstrapped the Bitcoin community by mining its first ever block, block zero. The Genesis Block, because it has turn into recognized, got here etched with a message that may invariably place Bitcoin in its place financial system to rival the realm of central banking: “Chancellor on brink of second bailout for banks,” the memo learn, in reference to a headline about the U.Okay. authorities’s actions throughout the world recession of 2008 and 2009.
The relaxation, as you little doubt know, is historical past. Eleven years on and Bitcoin has harnessed the fervor of a neighborhood that was impressed by the philosophical tenets embedded in the Genesis Block message. Bitcoin’s meteoric success in the previous decade defied the expectations of believers and skeptics alike, and with a thriving market that has captured $130 billion in worth, it has graduated from fringe curiosity to a world financial phenomenon.
To commemorate Bitcoin’s 11th birthday and usher in a new decade, we compiled some stats to plot Bitcoin’s development from 2019 to 2020 and supply a arduous image of the state of the community immediately.
2019 to 2020 in Bitcoin: Ushering in the New Decade
From 2019 to 2020, we noticed the following year-over-year modifications to Bitcoin’s market, community and technical infrastructure:
At the starting of 2019, 601 contributors had offered 19,104 commits to the Bitcoin Core Github; these figures would develop to 22,536 commits from 678 distinctive contributors by 2020.
Bitcoin’s value elevated from $three,860 to $7,180, an 85 p.c improve from the onset of 2019 to the onset of 2020. This accompanied a doubling of bitcoin’s market capitalization from $65.5 billion to $131 billion.
Amidst the wider crypto market, bitcoin’s dominance (i.e., its share of market worth in comparison with that of altcoins) climbed from 51.eight to 68.three p.c.
Bitcoin’s provide grew from 17,457,634 to 18,135,846 over the course of the 12 months, an annualized inflation of roughly three.eight p.c.
Bitcoin’s each day transaction quantity grew fivefold over 2019, from $four.three billion to $20.2 billion by the first day of 2020.
On the first day of 2019, Bitcoin’s community logged 235,813 transactions; this is able to improve a modest 6 p.c by the first day of the new decade to 251,867. Notably, over this timeframe, the proportion of SegWit transactions out of the whole transactions surged from 33.four p.c to 62.2 p.c.
The worth of each day transactions on the community shot up from $1.four billion on January 1, 2019, to $four.1 billion to ring in the new 12 months in 2020. As the worth of transactions on the community tendencies with the value, the community’s all-time excessive transaction quantity in 2019 was $21.three billion on June 18, 2019.
The highest median bitcoin transaction price in 2019 was $three.55, whereas the lowest median price final 12 months was $zero.03. The newest knowledge accessible for January 2020 exhibits a median price of $zero.07.
The whole variety of unspent transactions (aka UTXOs, or bitcoin that haven’t been spent and included as an enter for a new transaction) rose from 49,591,771 to 64,530,177 over the course of 2019, a 30 p.c improve.
Bitcoin’s blockchain measurement grew 29 p.c, from 198 GB to 256 GB from the starting of 2019 to the starting of 2020.
Bitcoin’s hash price skilled an explosive improve over 2019, leaping from 42 exahashes per second (EH/s) (or, 42,000,000,000,000,000,000 hashes per second) to 112 EH/s.
Mining problem greater than doubled from the starting to the finish of 2019, rising from 6 T to 13 T.
Bitcoin node rely throughout the board sadly dropped from 2019 to 2020. The whole variety of listening nodes (i.e., nodes which are publically open to connect with different nodes) fell from 6,344 to five,859, a 7 p.c lower. The whole variety of lively nodes fell a drastic 25 p.c from 64,746 to 48,141.
The variety of whole lively addresses rose from 433,715 to 524,360, a nudge of 20 p.c.
The whole variety of (recognized) Lightning Network channels jumped from 21,130 to 36,130 by the finish of 2019 for a 41 p.c improve. The common capability per channel decreased from three,115,316 sats to 2,721,418 sats, a fall of 12 p.c on the 12 months.
2,297 Lightning Network nodes had been operational at the starting of 2019. This elevated 114 p.c to four,923 by the begin of 2020. The common capability per node, nonetheless, fell equally to the common capability per channel — from 45,781,712 sats to 34,693,516 sats, a 24 p.c lower.
525 bitcoin had been locked in Lightning channels for a cumulative worth of $1.9 million at the onset of 2019. At the time of writing, 853 bitcoin price $6.2 million are locked in Lightning channels, representing a 62 p.c improve in whole capability and a 226 p.c improve in the worth of this capability.
The variety of reduce channels on the Lightning Network (i.e., channels between two nodes that function a bridge to in any other case disparate nodes by offering a routing path) elevated from 518 to 1,567 from 2019 to 2020. These channels comprise 31.eight p.c of the community at the time of writing.