Bitcoin Miners Double Income: Fees Rise 200% in 10 Days Since Halving

Bitcoin Miners Double Income: Fees Rise 200% in 10 Days Since Halving

Bitcoin (BTC) miners have received 44% more transaction fees from their transactions in April since Halving. If this continues, miners will more than double the income they receive from transaction fees. According to data from Coinmetrics, miners have collected an amount equivalent to 1,176 BTC in transaction fees since Bitcoin's third supply cut on May 11. Miners collect less BTC with every halving. The latest incident drove miners' rewards 50% to 6.25 BTC, bringing some operators to the brink of collapse. Bonuses are an important source of income for mining companies. Now, as retail interest for the third halving has increased, demand for transactions via the Bitcoin network has increased, leading to higher fees. Since May 11, the average transaction cost for BTC has increased by more than $ 6.40 to 220%, according to Bitinfocharts. On the day of halving, the average fees were just under $ 2. Transaction costs had already increased two weeks before the event and rose 400%. Fees are paid as revenue whenever a Bitcoin transaction is processed and approved by a pocket miner who charges the fees in addition to the block reward. There are some suggestions for miners to use higher wages to compensate for the loss of income due to block reward cuts (creating what could become a controversial market for BTC based on wages. Supporters argue that higher wages help keep the Bitcoin network safe. Miners are now hoping that the price of BTC will go above $ 10,000 and stay there to protect their profits.