The total income of bitcoin miners in May exceeded $900 million

How does bitcoin mining work?
How does bitcoin mining work?

The cumulative receipts of bitcoin miners in May reached $916 million.

The graph below shows that the indicator has been steadily increasing since November last year.

miner-rev
Data: The Block Crypto Data.

The share of commissions in total revenues for the last month was ~13.7%. For comparison, in April this figure approached 3%.

Such a rapid increase in fees in miners’ income is most likely due to increased on-chain activity due to the hype around Ordinals and BRC-20.

The aggregate volume of bitcoin transactions reached 16.9 million in May, up 57% from April.

tx-count-1
Data: The Block Crypto Data.

ForkLog previously reported that due to the increased issuance of BRC-20 tokens, the daily receipts of bitcoin miners from commissions per block exceeded the rewards from its mining.

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