Cryptocurrency
‘Boring’ Bitcoin Market Sends Miners’ Fee Earnings to 3-Month Low
‘Boring’ Bitcoin Market Sends Miners’ Fee Earnings to 3-Month Low: CoinDesk reports, “Bitcoin’s (BTC) on-chain transaction activity has cooled amid the recent lull in price action, and that’s hurting miners’ earnings. The cryptocurrency’s blockchain processed 231,437 transactions on Oct. 18, the lowest since May 24, according to data provided by blockchain analytics firm Glassnode. That means the […]
By Chris Sykora · October 19, 2020
‘Boring’ Bitcoin Market Sends Miners’ Fee Earnings to 3-Month Low:
CoinDesk reports, “Bitcoin’s (BTC) on-chain transaction activity has cooled amid the recent lull in price action, and that’s hurting miners’ earnings.
- The cryptocurrency’s blockchain processed 231,437 transactions on Oct. 18, the lowest since May 24, according to data provided by blockchain analytics firm Glassnode.
- That means the daily transaction count was down nearly 40% from a peak of 382,408 observed on July 1.
- With network processing far fewer transactions currently, the percentage of miners’ revenue derived from fees also dropped to a three-month low of 3.49% over the weekend.
- Last week, CoinDesk reported bitcoin’s hashrate had hit a new high as a record amount of computing power was applied to mining on the network.
- The slide in the tally of transactions is the result of the cryptocurrency’s low-volatility trading of late, and may have bullish implications for price, according to analysts.
- ‘Boring price action and low volatility tends to reduce the count of transactions to and from the exchanges,’ Willy Woo, on-chain analyst and author of The Bitcoin Forecast newsletter, told CoinDesk over Telegram.
- Daily trading volume across major exchanges fell to $804 million on Sunday.
- That’s the lowest since July 19 and down 80% from the high of $4.4 billion registered on Sept. 3, according to data source Messari…”