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

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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.

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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.

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