Bitcoin: Financials

What is Bitcoin?

Bitcoin is the OG; the first and most decentralized digital currency, launching in 2009 as a peer-to-peer alternative to traditional financial systems. It operates without central control, using a Proof of Work consensus mechanism to secure the network and enable borderless, censorship-resistant payments. With a fixed 21 million supply and predictable issuance halving every four years, Bitcoin has evolved into a global store of value and settlement layer. Today, it supports not only basic transfers, but also inscriptions, asset creation, and a rising share of cultural and experimental activity via Ordinals and BRC-20 tokens.

About this Bitcoin Dashboard

Our Bitcoin dashboard aggregates key onchain and financial metrics for the world’s most foundational blockchain. Built for researchers, miners, investors, and institutions, this dashboard offers near real-time visibility into Bitcoin’s economic throughput, user trends, miner dynamics, and network-level fundamentals. Data is organized into easy-to-navigate tabs—Financials, Onchain Activity, and BTC Supply Data—with interactive charts and daily refreshes for timely analysis.

How can I use Bitcoin analytics?

Bitcoin analytics are split into two primary categories: Financials and Onchain Activity, plus a third section dedicated to BTC issuance and supply mechanics. Each section highlights the core operational data that defines Bitcoin’s performance and adoption trends.

Financials

Track Bitcoin's network-level revenue and miner profitability with:

• Network REV – The total transaction fees paid daily by users
• BTC Issuance – Block subsidy rewards paid to miners
• Miner Revenue – Total miner income from both subsidy and fees, shown in BTC and USD

This section is essential for evaluating miner health, fee pressure, and macroeconomic signals of network demand.

Onchain Activity

Understand how users are interacting with Bitcoin by exploring:

• Transaction Activity – Daily count of transactions and throughput
• Ordinal Transaction Count – Split between inscription-related and standard transactions
• Average Transaction Fee – Measured in USD and sats per byte
• Unique Input Addresses – Daily count of unique sending wallets
• Total Transfer Volume – Movement of BTC by spent UTXOs
• Hash Rate & Difficulty – Security and competition among miners
• Average Block Time – Network pacing versus the 10-minute target
• Retention Rates – Longitudinal address engagement over time

These metrics serve as leading indicators of activity spikes, congestion, and organic user growth.

BTC Data

This dedicated tab captures the backbone of Bitcoin’s issuance and long-term monetary mechanics:

• Current and Next Issuance per Block – Reflecting recent halving dynamics
• Supply Mined and Growth Rate – Real-time snapshots of how far we are through the 21M cap
• Time Until Halving – Countdown to the next issuance cut
• BTC Block Subsidy History – Visual breakdown of every prior halving
• BTC Current Supply – Cumulative tracking of circulating issuance over time

This section is a must-use for anyone monitoring Bitcoin’s monetary tightening schedule and its implications.

Bitcoin analytics on this dashboard are compiled from a combination of:

• Full node and mempool monitoring
• Standardized indexers like Dune and Glassnode
• Direct RPC endpoints
• Blockworks Research proprietary models that validate, normalize, and enrich raw data

Cross-validation ensures high data integrity and accurate reflections of network state.

What is Network REV in Bitcoin analytics?

Network REV stands for Real Economic Value. This is a chain-agnostic metric that standardizes how much value users spend in transaction fees to access blockspace. In Bitcoin’s case, Network REV consists entirely of transaction fees (no tips, no protocol-side burns). It's a useful proxy for gauging demand for Bitcoin’s limited blockspace, particularly during fee spikes from inscriptions, Ordinals, or market volatility. On days of high congestion, Network REV often surges, outpacing the block subsidy and contributing to miner incentives.

How Bitcoin miner incentives are shifting

Bitcoin miners historically relied on the block subsidy as their main source of revenue. But as halvings reduce this payout every four years, transaction fees are becoming an increasingly important source of miner income. This shift is clearly visible in the dashboard’s Miner Revenue and Network REV charts, where days of high fee activity (often tied to Ordinals or network congestion) contribute a substantial percentage of total miner earnings.

This dynamic marks a new phase in Bitcoin’s security model, where sustaining hash rate and miner profitability increasingly depends on organic demand for blockspace.

What are Ordinals and how do they impact Bitcoin analytics?

Ordinals represent a novel use of Bitcoin blockspace where individual satoshis are inscribed with metadata, including NFTs, BRC-20 tokens, and other digital assets. Since their emergence in 2023, Ordinals have significantly increased onchain activity and fee volatility.

Our dashboard reflects this via:

• Ordinal Transaction Count
• Ordinal Transaction Fees
• Their impact on average transaction fees and Network REV

This adds a new layer to understanding Bitcoin analytics. Extending beyond payments and monetary policy, the chain now hosts culture-driven and speculative behaviors previously limited to smart contract platforms.

Why is on-chain activity important in Bitcoin analytics?

On-chain activity reflects organic demand, whether from payments, inscriptions, or financial settlement. Analyzing transaction trends, wallet retention, and fee dynamics helps surface whether Bitcoin is functioning primarily as a store of value, a transfer network, or something entirely new.

It also gives clues about user behavior across cycles, such as:

• How active users respond to halving events
• Whether new user cohorts are sticking around
• When congestion or speculative interest causes fee market spikes

How Blockworks sources this data

All Bitcoin dashboard data is compiled by Blockworks Research using node-level inputs, verified indexers, and proprietary infrastructure—standardized and updated regularly for accuracy.