Bitcoin miners have seen a significant increase in their income as of May 7th. On this day, their income totaled 945.73 BTC, with fee income accounting for 208.23 BTC, which equates to 22.02% of their overall earnings.
It was a significant increase from just two months ago when the average BTC miner fee per block was only around 0.19 BTC. Now, statistics from BTC.com show that this fee has skyrocketed to between 4.5 and 6.5 BTC per block. It is great news for Bitcoin miners benefiting from the current Bitcoin value surge.
Bitcoin Miners See Income Surge from Fees Amidst Price Rally
A new report from Blocksbridge has revealed some interesting trends in the Bitcoin mining sector. According to the report, public companies involved in BTC mining have been selling more than 100% of what they mine for most of the second half of 2022.
This pattern looks to be shifting, with the liquidation ratio falling to 95% in April after falling to less than 100% in March.
The report also highlights that despite an increase in Bitcoin’s network hashrate in April, the daily production benchmark reached a new low. However, BTC’s price rally helped keep the hash price above $75/PH/s for most of the month. On-chain activities also continued to bring in more transaction fees.
In addition, the report indicates that some of the largest mining companies have slowed down the pace of liquidating their mined assets.
Ten major mining companies released monthly updates for April, which added up to 58.6 EH/s in realized hashrate, accounting for 17.1% of Bitcoin’s block rewards last month.
While the liquidation-to-production ratio for these companies had mostly remained between 110% and 120%, it dropped to less than 100% in March for the first time in over six months. This trend continued in April, with the liquidation ratio dropping further to 95% as the Bitcoin price bounced back.
As of the first week of May, BTC’s hash price has reached over $90/PH/s, the highest since September. It remains to be seen if these tendencies will persist in the future months, but for now, the BTC mining companies look to be in flux.
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