- March 24, 2022
- Posted by: Bogdan
- Category: bitcoin, bitcoin miners, Bitcoin Mining, BTC, btcusd, miner revenues
Bitcoin miner revenue is once again on the rise. This time around, the miners have seen a significant bump in their returns from their mining activities in the space of a single week. This increase in revenue coincides with the increase in the hash rate coupled with a rise in the number of transactions carried out in a day. Daily fees have dropped during this time though, so let’s take a look at the numbers.
Bitcoin Miner Revenue Jumps
The previous week, bitcoin miner revenues had come out to a little over $36.5 million daily recorded on the part of the miners. This is not a bad figure per se but last week’s numbers have shown that there is room for improvement.
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Miner revenue had grown a total of 7.3% during this time to a total of $39,177,835 in daily revenues in the third week of March. These numbers come despite a drop in the daily fees accumulated during the week. While the previous seven days had seen daily fees hit as high as $391,669, last week’s numbers came out lower at $381,999 fees per day, leading to a 2.47% in this metric.
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The daily transaction volume had been on the rise though. $5,826 (In billions) in daily transaction volumes was recorded, up from $5,419 (In billions) the previous week, marking a 7.50% increase, the highest increase recorded for the week.
Transactions per day had grown 3.26% from 247,906 to 255,993. Not a high value, so the increase in on-chain transaction volumes is said to be caused by the 4.11% increase that was recorded in the average transaction value, rising from $21,859 to $22,757.
Hash Rate Takes A Leap
The increase in the miner revenue has also come with an increase in the bitcoin hash rate. The hash rate which had seen s a decline from its late February/early March highs had once again begun to pick up during the past week.
The network saw mining difficulty reduced by 0.4% the previous week, which coincided with the increase in the hash rate. As mining difficulty has increased, there has now been a jump in the average block production per hour since then, growing 2.725 from 6.13 average blocks to 6.29.
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As the block production rate continues to tether on the high side, it is expected that mining difficulty could continue to go up in tandem. An estimate from CoinWarz who’s that this adjustment could reach as high as a 7.5% increase.
Following the theme of the week, the average number of transactions per block also increased from 1,642 to 1,695. This represents a 3.26% increase from the previous week.
Featured image from CoinDesk, charts from Arcane Research and TradingView.com