Friday, June 9, 2023

Bitcoin Miners Earnings Hit High in Almost a Year

The month of April was more than positive in terms of earnings for bitcoin miners. Last Sunday, April 30, the index reached 2.8 million US dollars, which is the highest figure in the last 11 months.

Specifically, according to data from glassnode alert, Profit was US$2,835,512, The CriptoNoticias price index indicates that the amount is equivalent to 99.2 bitcoin (BTC). This number was not reached since May 2022.

In mid-April, more precisely on the 15th, the profits had reached another significant amount. It was US$2,690,542, a figure not seen since May last year.

The main factor in increasing the profitability of miners is the price of bitcoin., As seen in the image below, the cryptocurrency is trading near $30,000, as it was 11 months ago.

Additional data on bitcoin network usage have been added to these market conditions. As mentioned in this medium, On 30th April, all-time high in terms of daily transactions was accomplished, The date also coincides with the increase in profits for miners discussed earlier in this article.

NFT ordinals favor bitcoin miners

Much of the responsibility for this growing use of bitcoin lies with ordinals non-fungible tokens (NFTs). The historical maximum of transactions in bitcoin, which was 568,368 transactions in one day, was affected by 307,365 ordinals entries Whose account was on the same 30th April. The day before, on April 29, registrations stood at 223,311.

This scenario led to record commissions paid to miners. Total 15.78 BTC for this type of transaction in bitcoin. This equates to US$450,762 as of the price at the end of this article.

Thus, in addition, the total commission paid to miners for ordinal registrations reached 227.38 BTC. That is, 6.49 million US dollars.

Nation World News Desk
Nation World News Desk
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