Bitcoin has in the last few days, excited the entire market with its unexpected price surge shooting the price well past the $7,000 mark.
This most likely gave people the opportunity to earn a bit more money trading the asset. However, one category of people who benefited quite generously from the price rally is the asset’s miners.
According to a report centred around rankings by Messari.io, the numbers pulled in by Bitcoin miners in earnings during the peak of the rally, was more than half a million dollars, completely making the mining earnings from other assets quite ignorable.
The Longhash Report
Longhash, a crypto analytics outfit, put out a report based on the OnChain rankings on Messari.io, that transaction fees from early on May 10 over the next 24 hours, recorded a massive $580,000. To put this in a bit more perspective, $580,000 is at least eight times more than the total collective mining fees earned by all the other assets on the website.
Bitcoin is the largest cryptocurrency by market cap and so a larger fee than most is expected. However, this much difference in recorded fees over a 24 hour period is definitely worthy of note.
The list of the highest earning miners for the same period has the second largest crypto also securing its space as the asset with the second largest mining earnings. On the same day, miners of Ether received almost $68,000. Ether’s position is an 88% difference of more than $500,000 much like the significant difference in the market caps of both coins with Bitcoin almost at $141 billion while Ethereum is just a little over $21 billion.
Coming in with a small $1,100 in fees was Litecoin (LTC). Even though it’s the fifth largest in the world, its figure was only a little less than 2% of Ethereum’s fees.
Other coins trailed too far behind not even anywhere close to Ether’s figure. The report shows that the next seven assets including XRP, Bitcoin Cash (BCH), Ethereum Classic (ETC), Dogecoin (DOGE), Monero (XMR) and Lisk (LISK) and Dash (DASH), all had a combined figure of just about $1,500 for their fees.
Could this gap be advantageous?
The wide gap between the earning powers of the different coins could be advantageous but only to the users. For the holders of this coin, the low transactions fees are fantastic and comfortable but maybe not so much for the miners.
Another point noted by the report is that the current Bitcoin model is just as envisioned. The report said:
“While many proponents will likely cite this as a win for altcoin users, who are theoretically left with less fees to pay when sending transactions, Bitcoin’s daily fees are an example of the currency functioning as its creator(s) intended.
At the time of this report, Bitcoin had briefly crossed $8,000