Bitcoin miners earn about 1 BTC per block on commissions

Bitcoin miners earn about 1 BTC per block on commissions

According to Clark Moody Bitcoin, the average income of bitcoin miners on transaction fees is 0.97 BTC per block (about $48,000) and $20 per transaction. This indicates an increase in transaction volumes.

Clark Moody Bitcoin experts take the average value for the last 2000 blocks. Miners receive a fixed reward, which is halved every four years (from 2020 to 2024, this is 6.25 BTC). In addition, miners receive commissions for transactions that are paid by users. Recently, the fees have increased, and are about $20 per transaction. According to analysts, today bitcoin miners earn a total of about $40 million a day. At the same time, commissions make up 13.47% of the total income of miners.

Quantum Economics analyst Pedro Febrero believes that the increase in fees can be regarded as a good sign, since it means that the adoption of bitcoin is accelerating. Given that over time, the reward for mining decreases, the increase in commissions will make up for the miners ‘ decrease in the reward for the block. This will give miners an economic incentive to maintain the health and security of the network.

“Usually, fees go up when the competition for adding a transaction to a block increases. But this can scare off potential buyers, especially those with small deposits. On the other hand, a sharp increase in commissions is due to an increase in the number of users, and this is a normal phenomenon. Developers are trying to fix this problem by increasing the block capacity with SegWit and Lightning Network solutions, ” Febrero said.

Recall that last week, the bitcoin exchange rate exceeded $48,000. Therefore, bitcoin miners managed to earn more than $4 million in just an hour amid the growth of commissions.