Bitcoin miners are presently earning outrageous wages.
What you must know: Such incredible earnings were revealed by Glassnode, an advanced crypto analytic firm showing Bitcoin miners are currently earning $1,000,000 per hour. This is an increase of 185% since the halving.
- The last time miner revenue was this high, was in July 2019. Note that block rewards were twice as high as today.
Metric Description: The total miner revenue (USD Value), i.e. fees plus newly minted coins.
What this means: Bitcoin mining involves the act of solving tasks that come in the form of algorithms in affirming a transaction and fixing it within a block on the blockchain.
- BTC miners who successfully mine a block are paid or rewarded in BTC. BTC miners also help in facilitating the security mechanism of the blockchain network by confirming transaction information or data to the Bitcoin ledger.
- This confirmation process involves solving complex mathematical problems and a lot of computing power. BTC Miners are successfully rewarded with BTC for their contribution to the ledger based on their proof-of-work.
Data retrieved from BitInfoCharts revealed Bitcoin’s average transaction cost had risen to $12, printing the highest price level since November 5, when Bitcoin had just started its bull run.
- At last week’s trading session, the average cost of sending a Bitcoin transaction was valued at just $2.7. That marks an increase of 344% in less than a week.
- The surge in transaction fees is coming at the incredible bullish gains prevailing effect, in which Bitcoin’s price reached a new all-time high of $24,084 and rose by 30% in the past seven days.