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Monday Mining Metrics: High Transaction Fees Persist
Bitcoin Mining Update - 11/13/2023
Higher Transaction Fees Persist
Transaction fees on the Bitcoin network have remained elevated. The low priority fee rate currently sits around ~69 sat/vByte but it reached as high as 250 sat/vByte last week.
At last week’s peak, miners were earning 21% of their revenue from transaction fees, equating to an additional ~1.74 BTC per block. During the next epoch, it is likely that miner revenue from transaction fees will consistently be greater than the 3.125 BTC block subsidy. Prepare yourself for this environment by stacking ASICs and consolidating UTXOs.
Hashrate/Difficulty All-Time High
The boost to miner profit margins courtesy of higher TX fees and a higher BTC price has unsurprisingly led to yet another increase in mining difficulty. The total network hashrate has reached 465 EH/s (14-day moving average).
Following the China Miner ban, hashrate hit ~100 EH/s. It took over 2 years for hashrate to increase by 4x to 400+ EH/s. The reflexivity of the Bitcoin price means it can increase much faster than hashrate; following spot ETF approval Bitcoin realistically increases by 4x increase in as little time as two months.
The inability of hashrate to grow at the same pace as price creates an opportunity for incumbent Bitcoin miners to make enormous profits.
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All content is for informational purposes only. This Blockware Intelligence Newsletter is of general nature and does consider or address any individual circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal, business, financial or regulatory advice. You should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.