Bitcoin miners experience decreased revenue due to falling transaction fees.

The downtrend in Bitcoin’s average transaction fee has been observed, with the fee dropping from $5 a month ago to as low as $2.8 on April 6. According to YCharts data, miners’ earnings fell by 5.1% on April 22, amounting to $48.17 million per day. Despite the recent downturn, BTC miners’ revenue remains up by 87% over the past year, as on April 23, 2023, the earnings were at $25.7 million.

Bitcoin’s current value reflects a 0.15% increase in the last 24 hours, trading at $66,175 with a market cap of around $1.3 trillion and a daily trading volume of $24.7 billion. Market intelligence data reveals that the Bitcoin network value to transaction (NVT) ratio has decreased from 174 to 88 over the past 24 hours, indicating that Bitcoin is slightly undervalued at its current price point. An NVT ratio higher than 100 would suggest that the asset is overvalued.

Leave a Reply

Your email address will not be published. Required fields are marked *