Not a day goes by without finding some intriguing Bitcoin-related statistics and metrics. On the mining front, two intriguing developments are taking place lately. The miner revenue from fees is dropping quickly, yet the main transaction size hits a two-year high.
Bitcoin Miner Revenue Drops Off
Similar to other proof-of-work blockchains, Bitcoin relies on miners to keep the network safe and process transactions. In exchange for providing these services, miners earn revenue from the block reward and transaction fees. For some reason, it would appear the miner revenue from fees is decreasing.
Based on the statistics, the current miner revenue from fees has hit a one-month low. These fees still make up 9.045% of the total miner revenue, which is more than acceptable. However, this figure had risen to over 15% not too long ago, yet seems to be normalizing again after a hectic period. Miners will not lose out on too much money if this figure keeps decreasing, however.
Moreover, a decrease in miner revenue from fees is a healthy overall sign. If these figures remain too high, miners are – in theory – capable of exerting more control over the network. Considering how some interesting developments may rely on miner participation in the future, keeping a level playing field is the better option.
Moreover, there is no reason why these rates can’t go up again in the future. After all, the Bitcoin network will keep processing more than enough transactions in the future, all of which will have their own transaction fee. As those transfers are included in blocks, miners will keep earning revenue from fees. Additionally, there is a high BTC value, which makes the overall percentage less relevant.
Mean BTC Transaction Size Spikes
For several years, there have been concerns regarding how many transactions the Bitcoin network can process. It remains a slow option when waiting for six confirmations from the network. Even so, there is still room for growth where the mean transaction size is considered.
Glassnode statistics confirm the mean transaction size is capable of increasing despite dealing with 1MB blocks. More specifically, the current mean transaction size sits at 732.113 bytes. This marks a two-year high, which comes at a rather surprising time, given how the revenue from fees for miners is dropping.
Both of these statistics confirm there are always intriguing Bitcoin statistics worth looking into. On their own, they may not always make much sense. However, when putting one and one together, it is evident the network is still going strong today. In fact, it may be gaining momentum despite facing some minor hardship in the price department.