The price of bitcoin is close to the level of $ 50 thousand after the currency had previously tried to reach this level, as the price of bitcoin reached 48600 dollars, then retreated to lower levels.
According to data from the blockchain analytics firm Glassnode, Bitcoin miners generated more than $ 4 million in revenue in one hour yesterday.
It is the highest level ever recorded in the Bitcoin blockchain.
As is known, the mining process is through which transactions are verified and added to the blockchain.
Miners operate specialized computers that contribute to network security, and are rewarded for solving a crypto puzzle with newly minted bitcoin.
The process starts over every 10 minutes or so.
Miners earn two things when creating a new block:
- Block reward, which is currently 6.25 BTC
- Fees that Bitcoin users pay to help prioritize their transactions and transfer their currencies.
This results in around 37.5 Bitcoins in block rewards every hour, perhaps more if seven blocks are processed instead of six.
At the current bitcoin price, this metal bitcoin is estimated at $ 1.7 million.
However, the value rose as indicated in the title of the article to $ 4 million thanks to transaction fees, which hit a three-year high of $ 25.46 yesterday, with more than 2,500 transactions per block, adding another $ 400,000 or so.
Fees fluctuate greatly from day to day and hour to hour, and tend to rise during business hours in the United States.
With all the currently and anticipated interest surrounding the price of Bitcoin to rise to about $ 50,000, there is more competition to get priority in transactions, thereby providing more incentives to miners and thus paying higher fees.
This might be a nuisance for casual users, but it is clearly not too bad for a metal one.