"Time Preference”- 49th Edition (17th months later!)
Percentage changes are from the 48th edition (June 2024)
1. Full nodes (reachable): 23,806 (+30.48%)
2. LN nodes: 17,372 (+34.45%)
3. LN capacity (BTC): 5,705 (+14.01%)
4. BTC addresses > 1M sats: 12.59M (-0.10%) !!!
5. BTC addresses > 10M sats: 4.46M (-2.18%) !!!
6. BTC addresses > 100M sats: 975k (-3.60%) !!!
7. Hashrate (EH/s): 881 (+55.38%)
8. Price: $75,662 (+10.70%) (yesterday’s close)
9. Price/Hashrate: 85 (-28.76%)
10. Michigan businesses accepting BTC (btcmap.org): 156 (+1,460%)
% change figures from previous edition.
Wow, it’s been a minute! Lots to unpack here. The 17-month gap sheds light on where things stand today.
What’s awesome? Full node and LN node growth! It’s great to see more people participating in the network.
What doesn’t look great? Address counts. This doesn’t surprise me—I’m of the opinion we haven’t had a true bull market in years. You could argue for 2021, but a case could be made for going back to 2017 if you ignore price. Looking at addresses over 1M sats, there’s been no blow-up/blow-off action since then—just steady growth that’s turned stagnant or slightly declining over the last year and a half. That said, factors like Lightning adoption, SegWit, and price itself affect address counts. The bullish sign is that this smooth line is starting to trend up slightly (0.01 BTC address count) 👀
What’s wild? Hashrate—up 55%, despite a 20% drop in the last two weeks (weather-related? Miner capitulation?)—while price is only up 10%!!! This ratio of 85 has been a great buying opportunity in the past (e.g., September 2024 and Jan/Feb 2024). After all, it kinda feels like we could send this thing to zero anyway, doesn’t it?
Cheers, everyone—have a great rest of the week!
#bitcoin #timepreference #mining #Einundzwanzig #michigan #LightningNetwork ⚡️