SegWit Transactions Are More Popular Than BCH

According to BitMEX reseach, there are more SegWit transactions in Bitcoin network than Bitcoin Cash transactions
23 March 2018   2275

The volume of SegWit transactions in the bitcoin network exceeded the aggregate number of Bitcoin Cash transactions since the launch of it in August of last year. This is reported in the blog of the BitMEX exchange.

As the researchers remind, activation of the Segregated Witness protocol was carried out in the same month as the Bitcoin Cash hardfork. It was promoted by his supporters as an alternative to the solutions for scaling the bitcoin network, suggesting significant savings on transaction fees.

Since the implementation of Segregated Witness, the volume of SegWit-transactions has exceeded the aggregate number of transactions performed on the Bitcoin Cash (BCH) network by 20.1%. Also, the researchers concluded that if the appearance of BCH occurred simultaneously with the activation of SegWit, then this separation would be much larger and would be 31.5% (the gray line on the graph).

Cumulative transaction volume since the launch of Bitcoin Cash
Cumulative transaction volume since the launch of Bitcoin Cash

The graph shows that in the first days after the appearance of Bitcoin Cash, there was a rapid growth in the volume of transactions in this network. At the same time, the increase of the  SegWit transactions in the bitcoin network occurred gradually. Nevertheless, in just three months, the volume of BTC transactions with SegWit exceeded the total volume of BCH-transactions.

The graph below shows how gradually the popularity of legacy transactions in the bitcoin network is declining in favor of SegWit.

Daily transaction volume
Daily transaction volume

The chart below shows the continued growth of SegWit transactions, mainly due to the activation of support for this solution by the major players of the bitcoin industry:

Percentage of transactions that use SegWit
Percentage of transactions that use SegWit

Currently, the share of SegWit-transactions in the bitcoin network is about 30%. At the same time, the average share of such transactions in the bitcoin blockchain is about 22%.

According to the researchers, Segregated Witness significantly influences the performance of bitcoin blocking and benefits in the form of a reduction in commissions even for users who prefer to use the old transaction format. Also, according to the BitMEX team, the results of their research show that large-scale innovations should be introduced gradually and in the most secure way.

Argo Blockchain to Report on x10 Revenue Increase

For the 2019, the company received Bitcoin mining revenue of £ 8.5 million, in 2018 it was £ 760,000
20 January 2020   97

Bitcoin mining company Argo Blockchain said this Monday that its revenue from its core business in 2019 increased 10 times. According to a press release on the website of the London Stock Exchange (LSE), where Argo shares are traded, for the first full year in business, the company received revenue of £ 8.5 million compared to £ 760,000 in 2018.

Argo listing on the main LSE market took place in August 2018. The data presented were not audited - the reports after the audit will be available in April.

The company clarifies that in the fourth quarter of 2019, it mined 432 bitcoins, which is six bitcoins higher than in the third quarter. However, in the last quarter, the company's revenue fell to £ 2.66 million, while in the third quarter it was £ 3.63 million.

Our mining operations continued to generate industry-best mining margin in the last quarter despite a softening in market conditions from the previous quarter. Our state-of-the-art mining platform is performing as expected and with the expansion of our mining network on pace, along with the recent rise with the price of Bitcoin, Argo is well-placed for a strong year ahead.

 

Peter Wall

Argo Blockchain CEO

 The company is increasing mining capacity in anticipation of halving and currently has 13,364 devices, including 6,375 Bitmain Antminer T17s, which were installed on January 1. By the end of the quarter, Argo intends to add another 3,625 of the same miners. It is estimated that with a full set of 17,000 devices, its computing capacity will exceed 650 petaheches.