Bitcoin [BTC]: Silver lining for miners as fees exceed 2021 levels, more inside

Bitcoin miners earned about $17.7 million through transaction fees on 8 May, higher than what they were at the peak of the 2021 bull market.

A better way to look at BTC miners’ growing profitability was by comparing the total daily revenue earned by miners to the 365-day simple moving average. The chart below suggests that the divergence between the two has broadened since the start of 2023, with the differential reaching $17.15 million on 9 May.Within the past 24 hours, miner revenue exceeded 31%. On 8 May, the share had shot up to 42%.

This is a the first time in history this has ever occurred due to competitively high block space demand.

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