Bitcoin miners saw a notable bump in transaction fee revenue during October
The share of overall bitcoin miner revenue from transaction fees rose to roughly 12% in October — the highest level since January 2018.
The development, according to data from Coin Metrics, is perhaps unsurprising given that the end of October saw a notable jump in bitcoin transaction fees. Blockchain transaction fees are higher when the network is busier, as users pay more to compete for a limited amount of block space.
Another likely factor: bitcoin fees are paid in the form of BTC, and the digital asset’s value rose above $13,000 during October, briefly passing $14,000 on Halloween, according to Coinbase data.
Miners generated a total of $352.57 million in monthly revenue during October, according to data from Coin Metrics.
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Author: Michael McSweeney