• Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
edifyingcrypto.com
  • Home
  • Crypto News
  • Bitcoin
  • Ethereum
  • Blockchain
  • Regulation
  • Scams
  • Trading
No Result
View All Result
  • Home
  • Crypto News
  • Bitcoin
  • Ethereum
  • Blockchain
  • Regulation
  • Scams
  • Trading
No Result
View All Result
EdifyingCrypto.com
No Result
View All Result

Bitcoin Selloff Provides Boost To Miner Fee Revenues

May 11, 2022
in Bitcoin
Reading Time: 3min read
A A
0
Bitcoin Selloff Provides Boost To Miner Fee Revenues
6
SHARES
18
VIEWS
ShareShareShareShareShare

Bitcoin sell-offs have been the order of the day since the weekend. This has translated to ever-decreasing prices for the digital asset. Another avenue where this has had an effect has been the miner fee revenues. Usually, these transaction fee revenues have been on the low side. But with the recent sell-offs triggering a surge in daily transaction volumes, the result has been more earnings for miners in terms of transaction fees.

Bitcoin Daily Revenues Plummet

Even though there has been a surge in miner fee revenues, the daily miner revenues have not gone up with it. Even with the increased on-chain activity, revenues have fallen short of the figures recorded for the previous week. 

Related Reading | Crypto Liquidations Reach $1 Billion As Sentiment Falls To 10-Month Lows

The increased transaction volume has been a direct result of the high volatility that has been recorded in the market. As always, when volatility is this high, investors are usually moving their coins, mostly to sell off, to avoid taking more losses in the market. This saw daily transaction volume grow as high as 63.48% in the space of a week. The average transaction value had no doubt had the highest impact on this, which had increased by 66.38% in the same time period. 

BTC hashrate on the rise | Source: Arcane Research

Daily transaction volume is now sitting at $8.3 billion, up from $5.06 billion the previous week. Daily miner revenues are down 9.17% from the prior week’s $37.28 billion to be sitting at $33.86 billion for the last week. 

Fees per day also saw a 28.81% increase. What this resulted in was growth from $421,137 to $542,486. This puts the percentage of transaction fees making up miner revenues at 1.6%, one of the highest levels ever recorded in 2022.

Mining Difficulty On The Rise

The block production rate from miners has been on the rise for the last couple of weeks. However, with the last week, it had begun to crumble. It fell 2.15% from its 6.36 block production rate per hour for the prior seven days to now be sitting at a 6.23 block production rate for last week.

Bitcoin price chart from TradingView.com

BTC crashes below $30,000 | Source: BTCUSD on TradingView.com

Nevertheless, the block production rate for bitcoin miners is still high, as the previous target had been a block production rate of 6 per hour. With such a high block production rate, it is expected that the mining difficulty is set to go up another 4% to 5% by Wednesday.

Related Reading | Market Downtrend Trigger Bitcoin Inflows From Institutional Investors

Bitcoin’s hashrate continues to remain high and has not been negatively impacted by the recent market crash. Average transactions per block are down for the past week though from 1,806 to 1,774, accounting for a 1.75% decrease.

Featured image from Business Today, charts from Arcane Research and TradingView.com

Credit: Source link

Share2SendTweet2Pin1Share
Previous Post

Economist Alex Krüger Says These Two Conditions Could Solidify Bitcoin (BTC) Bottom at $30,000

Next Post

Crypto Exchange Coinbase Forced To Back Out of India as CEO Brian Armstrong Cites Pressure From Central Bank

Next Post
Crypto Exchange Coinbase Forced To Back Out of India as CEO Brian Armstrong Cites Pressure From Central Bank

Crypto Exchange Coinbase Forced To Back Out of India as CEO Brian Armstrong Cites Pressure From Central Bank

Recommended.

Binance is financially strong and maybe raising money with Warren Buffet’s Berkshire Hathaway

Binance is financially strong and maybe raising money with Warren Buffet’s Berkshire Hathaway

December 24, 2022
FTX Disaster Triggers Major Selloff In The Price Of Solana (SOL)

FTX Disaster Triggers Major Selloff In The Price Of Solana (SOL)

December 3, 2022

Trending.

OKX partners with Pyth Network

OKX partners with Pyth Network

October 14, 2022
Bitcoin ETF Receives Approval from SEC, Marking Historic Day for Crypto

Bitcoin ETF Receives Approval from SEC, Marking Historic Day for Crypto

October 15, 2021
$MATIC Ready to Tumble? InQubeta Presale Surges Ahead

$MATIC Ready to Tumble? InQubeta Presale Surges Ahead

August 21, 2023
Cardano Introduces Lace 1.4: Introduces More Features, ADA Handle Support, and Bug Fixes

Cardano Rolls Out New Hydra Version to Scale to 1,000,000 TPS

August 21, 2023
Celsius Founder Lost Millions In Crypto By Taking Over Trading Strategy

Celsius Founder Lost Millions In Crypto By Taking Over Trading Strategy

August 16, 2022

About Us

This is an online news portal that aims to provide the latest crypto news and real-time updates around the world. Feel free to get in touch with us!

What’s New Here!

  • Under-the-Radar DeFi Altcoin Surges by 22% on Friday Amid the Rollout of New Mining Rewards
  • US-Based Crypto Exchange Gemini To Halt Trading Services in European Country of 17,000,000
  • LOBSTR and Allbridge Strengthen Partnership for Stellar, Ethereum, Polygon, and Celo

Subscribe Now

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2021 - edifyingcrypto.com - All rights reserved!

No Result
View All Result
  • Home
  • Crypto News
  • Bitcoin
  • Ethereum
  • Blockchain
  • Regulation
  • Scams
  • Trading

© 2021 - edifyingcrypto.com - All rights reserved!

  • bitcoinBitcoin(BTC)$23,890.00-4.13%
  • ethereumEthereum(ETH)$1,627.57-3.86%
  • tetherTether(USDT)$1.00-0.53%
  • binancecoinBNB(BNB)$304.25-3.50%
  • usd-coinUSD Coin(USDC)$1.00-1.00%
  • rippleXRP(XRP)$0.387498-2.02%
  • cardanoCardano(ADA)$0.379540-5.17%
  • binance-usdBinance USD(BUSD)$1.00-0.02%
  • okbOKB(OKB)$48.95-7.24%
  • matic-networkPolygon(MATIC)$1.32-8.82%