According to the information provided by Glassnode, Bitcoin miners now earn approximately 15% of their income directly from transaction fees. This level has not been seen since early 2018. The fact that the development of the crypto money sector was lost to FOMO and the BTC price was 20,000 dollars was a surprise. So what exactly is the reason for this?
Miners revenue from Bitcoin fees spiked to early 2018 levels
— Unfolded (@cryptounfolded) May 19, 2020
According to information provided by BitInfoCharts, the average Bitcoin transaction fee also jumped up to $ 5.83. In fact, the main reason for this is known as Bitcoin Halving on May 11. It is known that miners who could not get the income they expected from mining after Bitcoin Halving and could not even cover their losses were stopped.
Is Bitcoin Network Ready Now?
Instead, it seems that miners who are focused on directly generating income from transaction fees are waiting for hard times if the BTC price continues to remain at these levels. However, despite this small-scale crisis, it is a very pleasing development that Bitcoin transaction fees did not rise to an average of $ 55 in 2018. This shows that the Bitcoin infrastructure has made an incredible improvement in a short time like 2 years and is now more suitable for the use of mainstream audiences.