Bitcoin Fees Soar, Boosting Miners’ Revenue as Prices Stabilize
Bitcoin Miners Benefit from Rising BTC Fees
In the past seven days, Bitcoin fees have surpassed the $60 million mark. This increase is due to increased network activity, from which Bitcoin miners in particular are benefiting.
Bitcoin Fees Reach Six-Month High
According to a recent post by IntoTheBlock, Bitcoin fees have reached a six-month high and now exceed $60 million. This rise in fees is attributed to growing interest in Ordinals and represents an increase of 60%. Further investigation on Crypto Fees showed a notable increase in fees in November, with the highest points being reached in the last ten days.
Bitcoin Fees Drive Hashrate Up
A recent analysis of the Bitcoin hashrate on CryptoQuant showed a steady upward trend in recent weeks. This increase can be attributed to the increased transaction volume on the network, which requires increased computing power to process these transactions.
More Revenue for BTC Miners from Fees
Another notable observation is the increase in Bitcoin miners’ revenue from fees in recent weeks. Although they did not reach the peak observed around May 8th, this trend is characterized by its consistency.
BTC Trend Remains Strong
At the time of the current valuation, the Bitcoin price is stable in the $37,000 range. It continues to show a strong trend as the week draws to a close.
Sources: IntoTheBlock, Crypto Fees, CryptoQuant, Glassnode, TradingView.
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