Average Fees on Bitcoin Jumps to Jan. 2018 Levels & Mining Profitability to 10-Month High
Average fees on Bitcoin have taken a big jump to $28 today, up from just $11 on Feb 7 and $2.6 in December, as a growing number of transactions remain unconfirmed in Mempool.
With this latest uptick, the fees have reached levels not seen since January 2018 but still far from December top of over $60.
With this jump in fees, the miners raked in more than $4 million in a single hour on Thursday — the highest hourly miner revenue in Bitcoin's history so far, as per Glassnode.
However, in terms of BTC, the average fee is still just 0.0005 BTC, which in its early years on a handful of occasions went above 0.040 BTC.
On Tuesday, the daily revenue hit its second-highest level ever at $53 million; the ATH was $54 million that occurred two days before the BTC price peaked in December.
Total monthly miner revenue, subsidy plus transaction fees, is around $482 million in February so far. In January, it hit $1.12 billion.
Bitcoin miners’ daily revenue continues to rise due to increasing fees but more importantly because of the rising prices of BTC, which hit a new ATH at $49,000 yesterday.
Bitcoin mining profitability has also been increasing ever since October, when it was $0.063 for 1 THash/s, which has now surged to $0.033, a level last seen in August 2019. This jump in bitcoin mining profitability came while network difficulty is at an all-time high, just like hash rate (7-day average).