Fee for the BTC block exceeds the miners’ reward for the first time in five years

On May 7, it reached 6,7 BTC with a reward of 6,25 coins

08.05.2023 - 11:00

328

3 min

What’s new? On May 7, the fee for block 788 695 on the Bitcoin network exceeded the established reward for miners due to the high demand for transaction processing. It reached 6,7 BTC (~$186 950) with a reward of 6,25 coins (~$174 600), according to Joe Burnett, Head Analyst at mining company Blockware Solutions. The last time a similar situation occurred was on December 22, 2017, for the same reason.

BREAKING: #Bitcoin block 788695 contained transaction fees greater than the block subsidy.6.7 BTC transaction fees + 6.25 BTC subsidyThis is a the first time in history this has ever occurred due to competitively high block space demand. pic.twitter.com/J7IcwzIVKE — Joe Burnett (🔑)³ (@IIICapital) May 7, 2023

What is going on with BTC? On May 7, the Bitcoin network experienced a “fork with a length of 2” at block 788 686. In a chain of 13 transactions, 10 BTC have been double spent. BitMEX exchange researchers noted that this was due to an increase in the number of stale blocks.

Облачный майнинг в 2023 году жив? Сколько можно на нем заработать

Рассказываем о том, стоит ли заниматься облачным майнингом в 2023 году, можно ли на этом заработать и какие риски несет этот способ заработка

Read further

Fees for transactions on the bitcoin blockchain surged to a two-year high earlier this month. On May 3, for example, the average fee was $7,241, jumping by 194% from April 30 ($2,461). This was mainly due to a surge in activity around BRC-20 standard tokens.

On March 10, a solo miner with 6,7 PH/s mined an entire block of bitcoin, which happens on average once every 10 months. In Q1 2023, total miner revenue was $1,98 billion, jumping by 28,7% from the previous reporting period.

Author: