Transaction fees now account for 17% of miners’ income
The recent reduction in miner fees has increased the impact of transaction fees on profitability.
As a result of the halving, miners began to receive 50% less PTS, so some of them were forced to turn off their equipment. As a result, in addition to reducing remuneration, the hash rate fell, which led to an increase in the closing time of new blocks and a decrease in their number per unit of time. Therefore, the actual decline in coin production was 61%.
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However, a reduction in the hashrate and the number of blocks led to network congestion and a jump in the cost of transaction fees from $ 0.62 to $ 5. As a result of this increase in fees, they now account for 17% of the income of miners.
Nevertheless, the growth of the commission could not block the decrease in income from halving, which even despite the appreciation for the week fell by 57% from $ 20.61 million to $ 8.97 million. In the near future, the next adjustment of the complexity of the network will take place, which should slightly improve situation and simplify the work of the remaining miners.
As bitcoin develops, new coin mining will regularly decrease, increasing the value of commission fees. However, in the future, with high commissions, users will not be interested in transactions.
A similar situation was observed after halving the bitcoin cache, but this did not stop the loyal miners.