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Bitcoin miner revenue derived from fees drops to 7%
Following an explosion in Bitcoin mining fees due to inscriptions and BRC-20 tokens, miners are now seeing their revenue from fees plummet in the last two weeks. Find out what this means in the following insight.
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
Quick Take
- Earlier this year, due to the demand for Inscriptions and BRC-20 tokens, Bitcoin miner fees started to explode.
- This saw a new “flippening” as Bitcoin fees surpassed block rewards for miners.
- In addition, BRC-20 tokens lost $600 million in market cap within four days, which showed these tokens' rapid rise and fall. BRC-20 token's current market cap is less than $500 million.
- The percentage of Bitcoin miner revenue derived from fees has now dropped to 7% from as high as 42% as of May 8.
- The miner revenue fees on May 8 equate to roughly 635 Bitcoin, but miners are now receiving only 71 Bitcoin.
- Fees are still elevated compared to prior years, where Bitcoin miner revenue derived from fees went as low as around 2%.
Market Cap $1.59T
24H Volume $33.02B
