After the Bitcoin (BTC) halving, the income of miners has progressively dropped. This trend is due to a significant decrease in the typical transaction fee on the network.
Based on YCharts’ reported data, the typical Bitcoin network transaction fee decreased by approximately 28% over the last 24 hours and was roughly equal to $24.99 when this message was composed.
The cost of an average Bitcoin transaction fee significantly increased from $19.76 to $128.45 between April 19 and 20. Keep in mind that just a month prior, the transaction fee was around $5, while it had dropped as low as $2.8 on April 6.
In addition, the income of Bitcoin miners has decreased since the network reduced its reward. According to YCharts, their daily earnings dropped by 5.1%, amounting to approximately $48.17 million as of April 22.
In contrast to the current economic slump, Bitcoin miners’ daily income has increased by an impressive 87% within the last year. To be more specific, on the 23rd of April, 2023, miners earned approximately $25.7 million.
Based on Santiment’s data, miners hold approximately 1.86 million Bitcoins with a total value of around $1.86 million.
Notably, the lower BTC production has also decreased the asset’s price volatility.
In simple terms, Bitcoin has gained 0.15% in value over the last 24 hours and is currently priced at $66,175. The total worth of all existing Bitcoins is hovering near the $1.3 trillion mark, while the currency is seeing a trading volume of approximately $24.7 billion per day.
The NVT ratio for Bitcoin, obtained from our market intelligence source, dropped from 174 to 88 within the last 24 hours.
At this current price, the Bitcoin indicator implies a slight discount in value according to the data. A NVT ratio above 100, on the other hand, indicates that the asset could be overpriced.
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2024-04-23 13:19