The weekly mining income of Bitcoin miners around the world reached an all-time high of $ 354.4 million. Analysts say the new record is partly due to the rapidly rising network fees with the increase in the price of the digital currency, according to reports dated February 15, 2021.

 

 

The rise in bitcoin price continues

Despite the significant increase in mining difficulty and the drop in block rewards, this year looks like it will be a perfect year for the cryptocurrency. The rising price of Bitcoin (BTC) continues at full speed. The faces of miners, big whales and retailers laugh.

Weekly revenues generated by Bitcoin miners rose to a new all-time high (ATH) last week, reaching $ 354.4 million. Specifically, the last time the Bitcoin mining ecosystem approached the $ 350 million weekly income limit was in mid-December 2017 when an ATH of $ 340 was reached.

 

“Good development”

Ethan Vera, co-founder of Luxor Technology, a Seattle-based mining company, reiterated that the increase in BTC mining revenue is a good thing for the Bitcoin network.

“Mining revenue on a USD basis showed an upward trend despite the drop in block reward. This is encouraging for the long-term prospects of Bitcoin’s security, and investments can continue in the next few halves. ”

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Some of them are transaction fees

At the time of this writing, the average BTC transaction fee is $ 17.62 per transaction. Although relatively low, looking at its 2017 figures, it is still significantly higher compared to other payment-oriented crypto assets such as Stellar (XLM).

Now sources say these excessive fees accounted for 15 percent of the $ 354.4 million in income earned by BTC miners last week. Likewise, Bitcoin transaction fees generated $ 116 million for miners in January 2021, representing 10 percent of the total $ 1.1 billion made last month.

Vera ended her words as follows:

“Our miners are incredibly optimistic about the future of mining. January and February 2021 were the perfect months for them, and they are taking all their profits, reinvesting in their business to grow the hashrate in the future. “

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