Bitcoin Miners Are Now Making $440K Every Ten Minutes – That’s a 20-Month High! Here’s How It Happened…

TL;DR

Proper now, Bitcoin charges are the very best they have been in 20 months (again when Bitcoin was valued at $69k).

That is nice for the Bitcoin miners answerable for processing BTC transactions! They are not solely getting their fastened/assured reward of 6.25 BTC (~$260k rn) for processing these teams (aka blocks) of ~2000 transactions each 10 minutes…

Full Story

The common Bitcoin charge is priced the identical method a tank of gasoline is priced:

By balancing provide and demand.

The factor with Bitcoin is – in the case of transactions, (in contrast to petroleum) it has a continuing fastened provide.

Solely ~2000 transactions may be processed each ten minutes.

So when demand will increase, provide cannot improve to fulfill the brand new demand and soften costs.

…which implies charges can in a short time skyrocket.

And proper now, Bitcoin charges are the very best they have been in 20 months (again when Bitcoin was valued at $69k).

Which is nice for the Bitcoin miners answerable for processing BTC transactions! They are not solely getting their fastened/assured reward of 6.25 BTC (~$260k rn) for processing these teams (aka blocks) of ~2000 transactions each 10 minutes…

However they’re additionally amassing as much as ~$184k in charges on high of that.

($440,000 USD for ten minutes of labor? That ain’t dangerous!)

So what’s driving this new discovered transaction demand?

Is everybody unexpectedly sending extra Bitcoin between each other than regular?

Nope.

The primary wrongdoer is Bitcoin Ordinals (aka Bitcoin NFTs).

We will dive in to how these bad-boys hike Bitcoin transaction charges up the wazoo, within the subsequent article.