bitcoin miners They have seen their earnings increase in recent times and even recorded a new all-time high (ATH) on December 16. This comes after a long period in which miners bitcoin-miner-revenue-sees-massive-6-month-crash-whats-going-on/#:~:text=Factors%20Contributing%20To%20The%20Trend&text=bitcoin%20mining%20difficulty%20adjustment%20is,competing%20to%20mine%20a%20block.” rel=”nofollow noopener” target=”_blank”>was reported have experienced a significant drop in their mining income.
bitcoin miners earn $9.98 million in a single day
According to data from Dune Analytics, bitcoin miners earned more than $9.98 million on December 16 as commissions. Ordinal inscriptions. This record eclipses the previous one achieved on May 8, 2023, when miners earned more than $7.21 million.
However, it is worth mentioning that there has been a substantial increase in the price of btc since May 8, which could explain the increase in the value of the dollar. Miners receive these fees for enrolling digital assets (ordinal) on the bitcoin blockchain. Ordinals They are casually known as “bitcoin NFTs.”
bitcoin ordinals began to regain strength last month after months of slow activity. The resurgence in trading volume has greatly contributed to the increase in transaction fees on the network. These transaction fees increased sometime in November and have continued to gain momentum since then.
As of this writing, the average transaction fee is more than $37, according to bitcoin-transactionfees.html#6m” rel=”nofollow noopener” target=”_blank”>data by BitInfoCharts. Meanwhile, the bitcoin network appears to be running at full capacity right now as miners try to keep up. Live data from mempool.space shows that there are still over 200,000 unconfirmed transactions.
Increased network activity could also explain why bitcoin Mining Difficulty seems to have cooled down after facing consecutive streaks of increases. Data from Coinwarz shows that there has been no increase in bitcoin difficulty over the past seven days. There is a possibility that there are not enough miners to cope with the amount of traffic that btc currently faces.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/12/Bitcoin-Miner-Revenue-Just-Hit-a-New-All-Time-High-Here39s" alt="Tradingview.com bitcoin Price Chart” width=”3266″ height=”1530″/>
btc price falls to $41,000 | Source: BTCUSD on Tradingview.com
A welcome development for miners
bitcoin miners They will no doubt be happy with this development, considering they had seen their income drop at some point this year. NewsBTC bitcoin-miner-revenue-sees-massive-6-month-crash-whats-going-on/#:~:text=Factors%20Contributing%20To%20The%20Trend&text=bitcoin%20mining%20difficulty%20adjustment%20is,competing%20to%20mine%20a%20block.” rel=”nofollow noopener” target=”_blank”>reported that these miners had faced a significant drop in their income in a period that lasted more than six months. However, things improved in October (just as the btc price also started to rise).
Miners are also hoping that this trend of increased network activity can continue as they look to generate as much profit as possible before the bitcoin Halving occurs. The event is scheduled for April 2024. Once that happens, miners will see their btc rewards halved.
Featured image from crypto.com, chart from Tradingview.com