Over the years since Bitcoin was launched, miners have been seen as the major entities between the traders and the coin. Even though most of them are not major traders, they do all the hard work by mining and confirming transactions. For confirming the respective transactions made by several people, they charge specific fees that are not fixed.
In a recent report submitted after a full analysis, Coin Metrics announced that Bitcoin miners took home a total of $354 million in transfer fees last week. Presently, no figure has ever beaten this record in the past years as $340 million was the previous highest, which was recorded when Bitcoin made the surge around December in 2017.
The transactions fees record surpassed that of December 2017
According to the report, most of the fees generated resulted from the recent surge in the price of the various digital assets over many months starting from last year. The recent data shows that miners earned close to $1.09 billion in transaction fees in January alone. With this, they surpassed a previous record that was set in January 2018, where the miners earned about $1.02 billion.
The synonymous part of both earning periods on the part of the miners was that both happened during a period of the price surge in the entire market. This month’s fees threaten the record that December 2017 holds for being the most productive month for miners due to the $1.25 billion that was earned.
Even though the rewards from a block have reduced following the halving, several mining entities have noted that mining in dollars have skyrocketed in the last few months, which has seen miners earn more. This shows that there are no concerns for Bitcoin security and investments as long as the prove of the digital asset continues to be on the rise.
Bitcoin is currently eyeing the $50,000 price mark
Despite the massive rewards generated from Bitcoin mining in the last few months, miners have been complaining of shortage of equipment due to a rise in the price of the equipment. With the price of Bitcoin on the rise, miners are now moving to buy highly powered ASIC miners and are reselling them with a 70% premium.
Bitcoin mining has become more tedious over the years as miners across the are always working overtime to confirm transactions and secure the network. Another factor is that with the price of Bitcoin growing in the past few years, miners have had too much on their plate in terms of demand and supply of the assets.
With Bitcoin seeing a massive rise since the start of February, Bitcoin miners have been active and working overtime to ensure that services are promptly delivered to those that need them. Bitcoin is on its way to touch the $50,000 price level after the digital asset recently saw a major boost from several entities. Asides from Tesla’s $1.5 billion investment, the digital asset has seen many high-value investors pool in their funds into the network.