Coste por Transacción (USD)

Cost per transaction = total miner revenue (block subsidy plus fees, in USD) divided by the number of on-chain transactions. It measures the full security expenditure the network burns per transaction processed — not the price users pay. The gap is enormous: users pay only fees, while the subsidy portion is silently financed by all holders through supply dilution. That is why this curve sits far above the average-fee chart.

For most of Bitcoin's history the bulk of miner revenue has come from the subsidy, not fees. Bitcoin's security budget has therefore been an issuance-funded model rather than a user-pays model — every on-chain transaction carries an implicit share of security costs paid by protocol money-printing. With the subsidy halving every four years, that structure must invert over time, and fees must eventually carry the load: the core of the long-running security-budget debate.

Two variables dominate: price and transaction count. The subsidy is fixed in BTC, so a doubling of price roughly doubles the USD numerator — bull-market spikes reflect price amplification, not network inefficiency — while each halving instantly cuts the numerator nearly in half. On the denominator side, transaction booms like inscription waves dilute the per-transaction share. Check BTC-denominated fee data alongside for cleaner cross-cycle reads.

First, transaction count is not economic throughput — one transaction can batch payments to hundreds of recipients or carry a single inscription, so averaging misrepresents value transfer. Second, this is average cost, not marginal cost — including one more transaction in a block costs essentially nothing. Third, the USD denomination embeds price volatility, distorting cross-cycle comparison. It answers 'what does network security cost?' better than 'what is a transaction worth?'

Beyond network data, see the broader market via total crypto market cap and BTC liquidations.