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Bitcoin Selloff Provides Boost To Miner Fee Revenues

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Bitcoin Selloff Provides Boost To Miner Fee Revenues #Bitcoin #Selloff #Boost #Miner #Fee #Revenues Welcome to TmZ Blog, here is the new story we have for you today:

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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. 

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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

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. 

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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

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