The portion of Bitcoin mining earnings derived from transaction fees has touched a new monthly peak, providing some relief for miners.
As is well known, miners earn their revenue from two sources – a fixed number of newly minted BTC coins for each block mined, and the fees paid by users to get their transactions included in the block.According to Glassnode, the transaction count rose dramatically in the last week, explaining the spike in miners’ revenue. In fact, 3 September witnessed a value of 625,009, the highest in more than a month.
A dip in hash rate basically meant that miners’ efficiency in finding the accurate block declined, leading to high block intervals.The delay in mining blocks made the network congested. According to Mempool data, the number of unconfirmed transactions in the queue shot up to 560,810 at the time of writing, promoting users to bid up fees to jump the queue.
Varying levels were set in prioritizing transactions. Users willing to shell out $0.9 were given the highest priority.
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