Bitcoin miners’ revenue in dollar terms fell in June by 23% due to a reduction in the size of commissions and a decrease in block rewards to 6.25 BTC.
At the same time, the drop in income was partially offset by an increase in the exchange rate. According to CoinMetrics data analysis, Bitcoin miners earned $ 281 million in June compared with $ 366 million in May. According to reports, many miners immediately sell mined bitcoins. Recently, it was also reported that miners bring more BTC to the exchanges than they mine.
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According to Austin Storms, founder of BearBox Mobile Mining Infrastructure Development Company, miners’ income from mining blocks and commissions in June better represents the current situation of industry participants compared to May. Even taking into account the decrease in the profit of miners by 11% in May, 11 days before the halving, miners received 12.5 BTC per block.
After halving the award, the size of the BTC (mempool) unconfirmed transaction queue reached a two-year high. As mempool was unloaded at the end of May and at the beginning of June, transaction fees also decreased, which affected the profit of miners.
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Transaction fees brought miners only $ 12 million in June, which is 4.3% of their total monthly income, compared with an annual maximum of 8.3% in May. Based on the current situation, the income of miners may increase due to the growth of commissions or the price of BTC.
A group of Crypto Research researchers recently released a report according to which the price of BTC could reach $ 397,000 in the next ten years, and altcoins will rise after Bitcoin. According to researchers, in the coming years, the market will begin to grow rapidly, and this “bull” rally can last at least five years.
