According to CoinMetrics, in October, the miners of the first cryptocurrency received a significant share of revenue from commissions – about 12%. This indicator is expected to grow even more in November.
Transaction confirmation fees increase during network load – the more unconfirmed transactions accumulate, the higher the fees become. The Bitcoin mempool has accumulated a significant number of unconfirmed transactions – more than 100,000. Against this background, the average commission amount reached $11.66 – the highest since mid-2018.
Also, the growth in the income of miners from commissions was influenced by the growth of the first cryptocurrency rate, since the commissions are calculated in BTC. Recall that at the end of last week, the bitcoin exchange rate reached $14,000, although at the moment it has fallen to $13,400. In total, in October 2020, bitcoin miners received an income of $352.57 million, of which $43 million was received from commissions.
Analysts also noted an increase in the volume of transactions in the Bitcoin network in October. Last month, $92.09 billion worth of transactions were made in the network of the first cryptocurrency. This is the highest figure since July 2019, when the volume of transactions amounted to $93.45 billion.
Recently, former hedge fund manager and cryptocurrency enthusiast Raoul Pal expressed the opinion that in the near future, gold investors may switch their attention to bitcoin.