Runes protocol sees significant decline in activity

Despite generating hundreds of thousands of dollars in daily fees, Runes has only surpassed $1 million in total fees twice in the last 12 days.

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Miners sent 260% of their daily revenue to exchanges

Bitcoin’s recent price surge has triggered a massive sell-off among miners, with on-chain data revealing that miners sent an equivalent of 260% of their daily mining revenue to exchanges on June 27. Understanding the behavior of Bitcoin miners and their Bitcoin balances is crucial as miners play a pivotal role in the Bitcoin ecosystem, and […]

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Charting Bitcoin’s Predictable Course: A Comprehensive Review of the Next 29 Reward Halvings

In under 280 days, Bitcoin’s blockchain will undergo its fourth reward halving event, slicing the block subsidy from 6.25 BTC to 3.125 BTC. The crypto community is abuzz with chatter, contemplating how these substantial decreases in block rewards will transpire over the ensuing two decades, and speculating on how miners will cope with the impending [...]

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Ethereum Miners Surpass Bitcoin Miner Revenue By $224M

After the continuous sink in the mining profitability of both digital assets year-on-year, Bitcoin miners have been set back to seats as Ethereum miners consecutively surpassed them in mining revenue and recorded a gap of $224 million in April 2022. This month was not so good for Bitcoin miners as they were able to generate around $1.16 billion only. Notably, this figure is down by $44 million from the previous month’s mining revenue of Bitcoin. The last month saw $1.7 billion in recorded income. Related Reading | TA: Ethereum Bears Aim Big After Recent Breakdown Below $2.5K Bitcoin miners’ total profitability was down by 31% from April 2021 to the present. In that time, $1.7 billion in revenue was recorded. Similarly, the single-day high of BTC mining revenue in April was 3% low than the peak value of March. As per YCharts, the best-day high in March 2022 lasted at around $47.54 million and $46.01 million in April. And it dropped 23% from the best-day high of January, which saw $60.16 million. Unlike Bitcoin, Ethereum mining revenue in April increased by 3% generating $1.39 billion. While Bitcoin, at the same time, recorded $1.16 billion in mining revenue. Still, the Ethereum mining revenue has decreased yearly from its previous marks recorded till April. The mining revenue of Ethereum in April 2022 is 17% below the previous year’s mining income of April 2021. Last year it was around $1.68 billion. Ethereum Becomes Preferred Choice Of Miners In 2022 Although Bitcoin stands as the largest and most popular digital asset, Ethereum has become the most preferred choice of the miners seeing a higher income generated in 2022. It was not the first time Ethereum outpaced Bitcoin in mining revenue; it surpassed BTC mining by $260 million in January, $190 million in February, and $130 million in March 2022. To understand the reason behind disparities in the mining incomes of two digital assets, first, it needs to consider the fact that mining revenue is calculated per the value of cryptocurrency and earned coins within a specific timeframe. Likely, Ethereum mining revenue increased in March 2022 and traded between $3,000 to $4,000 until most of April. And it traded in the range of $2,900 and $3,400 in March. On the other side, the Bitcoin price in April traded between $37,000 and $44,000. And in March, it had a higher trading value ranging from $43,000 to $48,000. Related Reading | Bitcoin Price Plummets To Lowest Point In 2022, Will $33,000 Hold? Crypto mining is the process of verifying and adding new transactions to the blockchain for a cryptocurrency. The miner who wins the competition gets rewards with some amount of the currency and/or transaction fees. Featured image from Pixabay and chart from TradingView.com  

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Bitcoin Mempool Fills, Transactions Fees Double; Here’s Why

Bitcoin mining is an important part of the bitcoin ecosystem. Miners who participate in mempools help to confirm transactions for which they receive a reward once a transaction is cleared. Usually, the mempool is ‘free’ and transactions go through easily with low fees but there are times when the mempool fills up causing transactions fees to surge. This was what took place at the start of March. Bitcoin Transaction Fees Surge At the beginning of the month, bitcoin had experienced higher transaction fees. These higher fees were as a result of transaction clustering in the mempool. Once the mempool has filled to a point where there were too many transactions to confirm, fees had invariably gone up given that transactions are confirmed based on the fee they carry. So transactions with higher fees had been confirmed first. Related Reading | Why Is Bitcoin So Volatile, Anyway? Fidelity Digital Assets Explains In order to compete in this pool that had filled up, incoming transactions had to carry a higher transaction fee per vByte (virtual byte) which is the size of the transaction. This caused fees to climb starting on March 1st and continuing for the next two days. These increased transaction fees had seen the average transaction fees per day rise for the past week to $691,000. BTC recovers above $40K | Source: BTCUSD on TradingView.com This volume had packed on the second day, March 2nd, where transactions fees climbed as high as $1.3 million. However, by the third day, miners had been able to clear all of the transactions in the mempool, although at high transaction fees, and the mempool was empty by the third day, March 3rd. Transaction fees had subsequently fallen flowing this clearance. Miner Revenues Up Bitcoin transaction fees were not the only that to record a surge as miner revenues had also recorded an uptick. Daily miner revenues for the same time period had also gone up by 6%. However, this was actually due to the price recovery that BTC had seen over the past week as hashrate had fallen once again in the same save-day period. BTC hashrate falls | Source: Arcane Research As for the transaction fees, even though there had been a significant uptick over this one-week period, fees were still comparatively low. They have been at one of their lowest for the last seven months and the recent surge did not come close to the high points recorded in the history of the digital asset. Related Reading | Crypto Market Crumbles To Extreme Fear, Is It Time To Buy? Transactions per day were also up 3.04% from the previous week. Fees per day jumped 99.81% and the average number of transactions was up by 2.54%. Only the number of blocks per hour was down for the time period, falling slightly by 1.67%. Featured image from Investopedia, chart from TradingView.com

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March Bitcoin Mining Stats Show Climbing Revenue and Hashrate Highs

According to statistics, 4,498 blocks have been mined in the last 30 days, creating 28,112 new bitcoins over the past month. Bitcoin’s network hashrate has been around 341 exahash per second (EH/s) during the last 2,016 blocks or the last two weeks. This month, the mining pools Foundry USA and Antpool dominated the pack, accounting [...]

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