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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.

Disclaimers

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