Data shows Bitcoin daily miner revenue rose to $60 million in the past week as transaction fees observed an increase.
Bitcoin Transaction Fees See A 19% Increase Over The Last Week
As per the latest report from Arcane Research, BTC mining hashrate has seen further rise in the past week, accompanied by an increase in the transaction fees. This has contributed to higher revenue for miners.
The mining hashrate is an indicator that measures the total amount of computing power connected to the network.
Validating nodes, called miners, use their computing power to compete with each other, and get a chance to sign transactions. In return, they receive block rewards and transaction fees in Bitcoin.
A crypto network with higher hashrate has better performance. It also has stronger security as high hashrate implies a large amount of nodes are present on the network, which leads to the network becoming more decentralized.
Here is a chart that shows how the value of the Bitcoin hashrate has changed over the past year:
The indicator has been closing in on a new ATH | Source: The Arcane Research Weekly Update - Week 44
As the above graph shows, the Bitcoin hashrate has been gradually increasing since July of this year. It’s now only 12% away from hitting a new all-time high.
The last ATH was reached in May, but the indicator had a crash because of China’s crackdowns on mining in the country, where a big chunk of the global hashrate resided.
Related Reading | Why Are Bitcoin Spot Volumes Shockingly Low While Price Soars?
Below is a table that shows all the data related to the Bitcoin miner revenue for this week.
BTC mining revenue has seen an uplift in the past week | Source: The Arcane Research Weekly Update - Week 44
The past week saw an increase in the demand for on-chain transactions, leading to a 19% increase in the fees per day. The fees now makes up for 1.54% of the total mining revenue, up from 1.32%.
Related Reading | Dogecoin Holder And Rapper Meek Mill Wants His Next Record Deal Paid In Bitcoin
The number is still very small to what it has been historically. Nonetheless, the total miner revenues are still very high at around $60 million, an increase of 1.97% from the last week.
This increase is mostly driven by better block rewards due to the soaring Bitcoin prices during the week. The block production rate was also high during the week, which means the mining difficulty will likely see another rise this weekend. It would be the 9th consecutive upwards difficulty adjustment.
At the time of writing, Bitcoin’s price floats around $65k, up 5% in the last seven days. The below chart shows the trend in the price of the coin over the past five days.
BTC's price crashed in the last 24 hours | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, Arcane Research