Since the weekend, Bitcoin sales have been on the rise. It has led to ever decreasing prices of the digital asset. The miner fees revenues are another avenue in which this effect can be seen. Transaction fee revenues tend to be on the low end. The recent sale of assets has triggered a rise in transaction volume, which means that miners have seen an increase in transaction fee revenues.
Bitcoin Daily Revenues Drop
The daily revenue of miners has not increased despite a rise in the miner fees. Even though there has been an increase in on-chain activity revenues are still below those of the week before.
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Due to the extreme volatility recorded in the market, the increased volume of transactions has been directly related. When volatility is high investors will move their coins mostly to make more money in order to minimize losses. In a matter of weeks, daily transactions grew by 63.48%. It was the average transaction amount that had had the greatest impact, increasing by 66.38% during the same time frame.
Source: Arcane Research| Source: Arcane Research
The daily transaction volume has increased to $8.3 Billion from the $5.06 Billion recorded last 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.
Also, fees per day saw an 8.81% increase. This resulted was a growth of $421,137 to $542 4,866. It means that transaction fees now account for 1.6% of miner revenues, which is the highest percentage ever recorded.
There is a rising difficulty in mining
Over the last few weeks, miners have been increasing their block production. It began to decline over the past week. This is 2.15% less than its previous 7.36 hour block production rate. It now sits at 6.23 block production rates for the last week.
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The block production rate bitcoin miners has achieved is high. It was 6 blocks per hour, which was the target. Due to such high block production rates, the expected increase in mining difficulty will be 4% to 5.5% on Wednesday.
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Bitcoin’s hashrate continues to remain high and has not been negatively impacted by the recent market crash. The average transactions per block have fallen from 1,806 a 1,774, a decrease of 1.75%.
Featured Image from Business Today. Charts from Arcane Research and TradingView.com.