Bitcoin miners together made an estimated $328 million in September.
That is a drop of 11% compared to August, according to data from Coin Metrics.
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Merits for Bitcoin miners
The slight decline in sales is mainly due to the drop in Bitcoin’s spot price. It ended the month 8% lower, compared to 25% growth in July and August.
The revenues of miners, the block reward, consists of two components:
the block subsidy, which currently equals 6.25 BTC and halves every four years;
the transaction fees, of the costs given to each payment by the sender.
The last month was not overly busy in the mem pool. These tx fees yielded $26 million in September. That was about 8% of total revenue. And this was 2% less than in August, when it still accounted for 10% of the total fee.
Percentage of fees
In particular, the percentage of transaction fees on total revenues has been on a strong upward trend since April. This has, of course, been due to the halving of the subsidy, but also to increasing pressure on the network.
The higher the proportion of fee income, the better that is for the security of the network. After all, the block subsidy will slowly go to zero and one day Bitcoin will have to work entirely on these fees. Until then, the block subsidy will act as an additional incentive to reduce (and secure) the network.
Bitcoin’s average transaction fees have bounced between $1.00 and $5.00 over the past month. Do you think this is too expensive? Then take a look at the Lightning Network for cheaper payments.
If you’re not in a hurry, you can also just set up 1 sat/byte for a payment. Then it will take a little longer before it is in the blockchain, but you pay the minimum on-chain costs. You can check how full the mempool is on this website.