We all know that our beloved miners are the ones that keep the Bitcoin network spinning. Using complex computers to mine a block on which the transactions are made. According to data collected from blockchain.info, the value of transaction fees paid to miners has gone as high as $2.3 million. Woah!
Miners solve complicated mathematical equations to mine a block. As a reward, they get 12.5 bitcoins for unlocking the block. Along with that, they are let to keep the transaction fees users pay when the payment is made with the cryptocurrency.
Back in the days, miners only got a couple of dollars in transaction fees, however, on Wednesday, miners received an enormous $2.3 million.
“That’s on top of the millions of dollars they received in their bitcoin rewards,” said Aaron Lasher, the chief marketing officer at Breadwallet. He made an estimation that miners were rewarded a total of 1,800 bitcoins or $7 million.
Transaction fees dropped from $1.7 million on June 6 to $205,000 on July 31st. Aaron explained that the reason behind the dip was likely dude to a decline in bitcoin transactions nearing the fork date.
Related: Bitcoin Hard Fork Explained
“Once the fork completed on August 1, people began using bitcoin again,” Lasher said. “But now that Segwit has activated, we should see some easing over the coming weeks and months.”
News Credit: businessinsider.com