Bitcoin's Epoch III has ended and it's truly remarkable to see how far it has come along since 2016.
Here are some @coinmetrics charts showcasing some of these accomplishments, taken from my presentation at #ConsensusDistributed 👇
Here are some @coinmetrics charts showcasing some of these accomplishments, taken from my presentation at #ConsensusDistributed 👇
Bitcoin settled the equivalent of *2.3 trillion USD* in Epoch III
For context, Visa+Mastercard Credit Cards settled 2.6T USD in the entire United States in 2017.
It's insane that a bootstrapped, 10yr old network settles values in the same magnitude of the largest CCs in the US.
For context, Visa+Mastercard Credit Cards settled 2.6T USD in the entire United States in 2017.
It's insane that a bootstrapped, 10yr old network settles values in the same magnitude of the largest CCs in the US.
The count of addresses holding over 100k sats (0.001 BTC) sats can be seen as a proxy for adoption, and on May 1st, the network reached an ATH with over 16M addresses holding at least 100k sats 🤯
At the same time, ownership centralization has decreased.
The count of addresses holding over 0.1% of Bitcoin’s current supply can be seen as a proxy for centralization and that figure has gone down after the 2018 bear market.
The count of addresses holding over 0.1% of Bitcoin’s current supply can be seen as a proxy for centralization and that figure has gone down after the 2018 bear market.
A Digital Gold Rush took place, and multi-billion dollar industry was created.
18B USD have been awarded to miners to secure the network, a metric known as the "Thermocap"
At the same time, Bitcoin’s implied hashrate grew exponentially and on May 10th almost reached a new ATH
18B USD have been awarded to miners to secure the network, a metric known as the "Thermocap"
At the same time, Bitcoin’s implied hashrate grew exponentially and on May 10th almost reached a new ATH
As with any other industry, mining professionalized and specialized.
By far, the most predominant ASIC in Epoch III was the S9, which at times produced 80% of blocks relative to others.
Shout out to @karimhelpme for his analysis on nonce distributions that led to this finding.
By far, the most predominant ASIC in Epoch III was the S9, which at times produced 80% of blocks relative to others.
Shout out to @karimhelpme for his analysis on nonce distributions that led to this finding.
Epoch III was marked by yet another wave of security failures experienced by Bitcoin exchanges.
Thankfully, self custody is on the rise as CM’s estimates of BTC held on exchanges has been trending down over the past few years.
Here's "Not your keys, not your BTC" in numbers:
Thankfully, self custody is on the rise as CM’s estimates of BTC held on exchanges has been trending down over the past few years.
Here's "Not your keys, not your BTC" in numbers:
As Epoch III neared its end, evidence that Bitcoin has become a global phenomenon became clear.
Network activity reflects human behavior, and celebrations such as Christmas in the West and the Chinese New Year in the East have a visible impact on the network.
Data by @khannib
Network activity reflects human behavior, and celebrations such as Christmas in the West and the Chinese New Year in the East have a visible impact on the network.
Data by @khannib
Considering the amazing progress that took place in Epoch III, I could not be more excited about what will be accomplished in Epoch IV.
Here's to Epoch IV 🍻
Here's to Epoch IV 🍻
Finally, I want to thank @CoinDesk for having me!
And thank you @coinmetrics for allowing me to work on this!
And thank you @coinmetrics for allowing me to work on this!
