Hey ninja’s, how’s the trading going? Post-halving, bitcoin miners are now relying on transaction fees to sustain themselves due to cuts in profit. Before the halving miners earned nearly 2188 bitcoin and after the halving, this number fell to 852 BTC.
A 61% drop in revenue from the post halving, the immediate drop in revenue has forced several miners off the chain and moderately reduced the hash rate. The new development also impacted block interval time, decreasing the number of blocks being processed in a unit of time also decreasing the number of block rewards available to miners.
Miner revenue saw a sharp decline, on the 9th of May miner, was $19.25 million but decreased to $7.82 million on the 12th of May. The only advantage for miners since the halving is due to the network congestion the cost of the transaction has significantly increased.
The cost was initially $0.62 at the end of April and by the 15th of May, the transaction fees had shot up to $5.21. With its increase, the cost of transaction fees now accounts for at least 17% of miner’s revenue, the highest recorded since January 2018.