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Bitcoin Apps Boost Miners’ Earnings: Key Insights Revealed

Bitcoin Apps Boost Miners’ Earnings: Key Insights Revealed

The fourth Bitcoin halving event has resulted in a 50% reduction in miners’ earnings. However, miners have had enough respite in terms of revenue contribution thanks to the spike in dApp activity on the Bitcoin blockchain. 

Miners of Bitcoin Witness Increased Revenue Streams 

Ki Young Ju, the CEO of CryptoQuant, highlights a significant shift in miners’ revenue due to the growth of Bitcoin applications. He notes that transaction fees now contribute over 7% to miners‘ overall income, marking a substantial increase in two years. This trend, which has continued for the last four weeks, is expected to strengthen the network’s foundation going forward.

Building apps on #Bitcoin has significantly changed miners’ income streams.

Transaction fees now account for over 7% of their total revenue, up from 1% two years ago.

This trend has persisted for the last four weeks and could potentially strengthen the network’s fundamentals. pic.twitter.com/YVbdmLXB5c

— Ki Young Ju (@ki_young_ju) May 7, 2024

Novel token protocols like Ordinals and Runes have increased Bitcoin’s utility and are responsible for the rising transaction fee income. These developments make it easier to create fungible and non-fungible tokens on the network, increasing transaction volume. 

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Bitcoin miners earn income from transaction fees and block subsidies. Block rewards decrease during halving events, but transaction fees may compensate.

 BTC Miners Feel The Heat 

Transaction fees of more than $80 million on the day after the halving helped to support miner revenue. During peak activity, the network’s average transaction fee soared to $40. However, as Bitcoin’s activity normalized, it plummeted below $10. However, the surge in the dApp activity on the Bitcoin blockchain has provided miners enough relief in terms of revenue contribution.

The total money generated by transaction expenses for miners has decreased to less than $5 million, putting pressure on them as fees return to normal levels. According to the 7-day moving average, Bitcoin miner revenue per terahashes per second (TH/s) has reached an all-time low of $0.048. 

On Wall Street, however, Bitcoin mining companies are still triumphant. Their stocks have recently increased in tandem with Wall Street’s recent recovery. However, to increase mining activity and market share, major Bitcoin mining companies like Marathon Digital have been implementing significant adjustments.

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