Bitcoin miner revenues are on the rise once more. The miners saw a substantial increase in their profits from mining in just a week. This rise in revenue is due to an increase in the hashrate and an increase in transactions per day. Daily fees have dropped during this time though, so let’s take a look at the numbers.
Bitcoin Miner Revenues Jump
Over $36.5 Million was earned by bitcoin miners each day in the previous week. This is not a bad figure per se but last week’s numbers have shown that there is room for improvement.
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The total miner revenue increased by 7.3% to $39,177.835 per day in the third week. These figures were achieved despite an increase in daily fees during the week. While the previous seven days had seen daily fees hit as high as $391,669, last week’s numbers came out lower at $381,999 fees per day, leading to a 2.47% in this metric.
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The daily transaction volume was on the rise however. Daily transaction volumes reached $5,826 in billions, an increase of 7.50% from $5.419 (In trillions) during the week before.
The number of transactions per day has increased by 3.26%, from 247.906 to 254.993. It is not a large transaction volume, and the reason for the increase in transaction volumes on-chain was the 4.1% rise in average transaction values, which rose from $21,859 up to $22,757.
Hash Rate Takes A Leap
In addition to an increase in miner revenues, there has been an increase in bitcoin’s hash rate. The bitcoin hash rate, which was in decline since its highs of late February/earlyMarch had begun to recover during the last week.
This week saw a decrease in mining difficulty of 0.4%, which was also associated with an increase on the hash rate. The average block production has increased as mining difficulty has increased. It has risen from 6.13 blocks to 6.29, and now it is at 2.725.
Source: Arcane Research| Source: Arcane Research
It is possible that mining difficulty will continue to rise as the block production rate tethers on the high end. An estimate from CoinWarz who’s that this adjustment could reach as high as a 7.5% increase.
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The theme of this week was also reflected in the increase of transaction per block, which increased by 1,642 from 1,695. This is a 3.2% increase over the week before.
CoinDesk's featured image and charts by Arcane Research and TradingView.com are the sources of this feature.