As of now, Bitcoin miners earn around $4 million per hour.
Bitcoin transaction fees are near their highest level in three years, as BTC price surged above $48,000, and miners are not complaining.
Bitcoin’s price – now at the $48,000 mark – is affecting people’s pocketbooks. It includes the wallets of those who mine it.
Glassnode, a blockchain analytics firm, stated that Bitcoin miners earned over 44 million in revenue in an hour today. It is the highest level ever recorded on the Bitcoin blockchain.
Mining is the process by which the transactions are verified and added to the blockchain. Miners run specialized computers that contribute to the network’s security; the machine that solves the cryptographic puzzle first is given freshly minted Bitcoin. The process begins every 10 minutes or so.
Miners earn two things when they establish a new block: a block reward, which is now 6.25 BTC, plus the fees paid by Bitcoin users to help prioritize their transactions.
That results in around 37.5 Bitcoin in block rewards each hour – maybe more if seven blocks are processed rather than six. As of now, BTC’s rate equates to $2.1 million.
Much of the money miners are earning came from transaction fees, which hit a three-year high of $25.46 yesterday – with over 2,500 transactions each block – adding another $400,000 or so.
However, the prices fluctuate wildly from day to day and from hour to hour – and tend to be highest amidst US business hours.
With all the network’s attention as the price of Bitcoin ascends toward $50,000, there is more competition to get transactions in and more incentive for users to play a more significant fee.
It could be a bummer to average users. However, it is not so bad for miners.
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