Tỷ lệ chi phí giao dịch

This metric = total miner revenue ÷ estimated on-chain transaction volume (both in USD), expressed as a percentage. Treat miner revenue as the network's total security expenditure and on-chain volume as its economic throughput, and this ratio becomes the security tax levied on every dollar of value Bitcoin settles. It shares a numerator with cost-per-transaction but swaps the denominator from counts to value — economically the more meaningful framing.

Cost per transaction in USD inflates mechanically with price. Here, both numerator (miner revenue) and denominator (transfer volume) carry the price factor, so much of it cancels — what remains is structural: is security spending getting cheaper or dearer relative to economic activity? The long-term trajectory has trended downward: settled value has grown faster than security expenditure, spreading the cost ever thinner per dollar moved.

Elevated readings typically mean subsidy value pumped by price without matching growth in real transfer volume (speculative early-bull phases) or shrinking volume (deep bears). Falling readings mean improving settlement efficiency — the same security budget underwriting more throughput. Halvings step the ratio down from the numerator side.

The weak link is the denominator: on-chain 'estimated transaction volume' is inherently imprecise — under the UTXO model, change outputs contaminate volume estimates, and adjusted figures from different providers (blockchain.com, Coin Metrics) can differ by multiples. Batching, exchange internal reshuffling and inscription traffic further distort it. Use this ratio for orders of magnitude and direction, not precise levels.

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