Bitcoin’s Mining Fees Mirror Rocketing Price Surge as Miners Cash in

Bitcoin’s recent gains of around 25 percent in the last week or so has not only been good for traders and hodlers, but also miners who have managed to cash in on a boost in the fees paid to them. Miners that were confirming Bitcoin transaction saw a huge boost in profits, especially in comparison to other cryptocurrencies.

According to a report by the cryptocurrency analytics firm Longhash, Bitcoin’s transactions fee mirrored its price pump. Longhash compiled transaction fees over a 24-hour period beginning at 0950 UTC on May 10, 2019. It recorded Bitcoin amassing a whopping $580,000 in transaction fees for the period.

In context, that number is eight times higher than all cryptocurrencies listed on Messari’s OnChain FX, which the report was based upon.

Leading the way

The news while astounding, is not too surprising. This latest rally has been somewhat different in that Bitcoin managed to streak away in its price surge with altcoins struggling to keep up and…

Read Full Story : Ethereum World News

2019-05-13 09:48:48

Darryn Pollock

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