According to data from crypto analytics company Glassnode BTC The miners who keep the network running are actively taking advantage of the increase in transfer fees.
The ancestor of blockchain networks bitcoin As of today, it rewards miners with 6.25 BTC per block.
The metric prepared by Glassnode on miner income has reached 22.6 BTC, based on the 7-day average, reaching the highest level of the last 2 and a half months.
With the bankruptcy of the FTX exchange in December, many investors wanted to move their tokens on centralized platforms. The increased demand for transfer was reflected in a sharp increase in network fees.
The increase in miners’ BTC fee income, on the other hand, was in line with the market’s recovery in January. Analysts added the following comment to the on-chain data they shared:
“The rise in fee revenue, which plays an important role in overall revenue, shows that demand continues to increase on the Bitcoin network.”
glassnode another analyst’s comment on-chain data further supported. Another on-chain metric, the BTC Wage/Revenue ratio, has dropped to its lowest level since December 2022 as of today.
While the 7-Day BTC Fee Income ratio was around 75 in the early days of 2023, it was recorded as 43.84 as of today.
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