Bitcoin miners (BTC) are earning 0.97 BTC (currently worth about $ 48,000) in transaction fees per block, according to the Clark Moody Bitcoin metrics platform. This is an average of the last 2,000 blocks, which means that many of these blocks have crossed the 1 Bitcoin mark.
When Bitcoin miners mine a block, they are rewarded with a fixed fee of 6.25 Bitcoin (although that fee decreases every four years in halving) and receive transaction fees for all transactions included in that block.
But transaction fees have recently increased (they average $ 20 per transaction) and represent a larger percentage of the overall reward. Bitcoin miners are earning about $ 40 million a day in total. Therefore, fees alone represent 13.47% of the total revenue of bitcoin miners.
This suggests that, as bitcoin mining rewards decrease over time, rates may continue to rise and replace them – providing continued economic incentive for miners to keep the network up and running and secure.
With the increase in average rates on the Bitcoin blockchain, does this mean that BTC can become too expensive to be used by “normal” people at some point? Well, more or less, but that is arguably a good thing, according to Quantum Economics analyst Pedro Febrero.
“In our opinion, it is an excellent sign. High rates mean adoption, as rates generally increase when competition to add a transaction to a block increases, ”Febrero told Decrypt.
He noted that the high rates can really scare some potential buyers, especially those with less money. However, the data shows that rates tend to increase as adoption increases – and that is the normal course of things. But that does not mean that they are not working on a solution.
“To conclude, we argue that there are developments in progress that aim to accommodate more transactions per block, such as SegWit and the Lightning Network”, summarized Febrero.