Bitcoin moves over $5 billion in value but miners collect just $185,000 in transaction fees

Bitcoin's transfer value surged 26% to $5.5 billion last week, even as transaction fees paid to miners declined, according to Glassnode. The blockchain analytics firm's Oct. 26 report showed that entity-adjusted transfer volume climbed from $4.4 billion a week earlier, while total transaction fees fell 8.8% to $185,200 from $203,200. Meanwhile, daily active addresses declined 2.2% to 615,200, highlighting a growing divergence between the amount of money moving across Bitcoin and the network activity generating revenue for miners. Bitcoin miners typically earn revenue from two sources: newly issued BTC awarded for producing blocks and transaction fees paid by users competing for limited blockspace. When network activity increases, users may offer higher fees to secure faster transaction confirmations, boosting miners' earnings.

First reported by CryptoSlate. This page is a short excerpt; the full text is theirs.