Amid the gloom in the market in general, Bitcoin miners have a glimmer of hope. According to an update by on-chain analytics company Glassnode on September 7, the share of miners' income from transaction fees reached a new monthly high of 2,842%.

Source: Glassnode

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As is known, miners earn revenue from two sources: new #BTC minted fixed for each mined block and fees paid by users to include their transactions in the block.

Clearly, there exists a direct correlation between miners' earnings and the traffic of the Bitcoin network.

According to Glassnode, the number of transactions increased significantly last week, explaining the spike in miner revenue. In fact, September 3 recorded 625,009 transactions, the highest in more than a month.

Source: Glassnode

Network congestion more serious?

Another factor that could explain rising transaction fees is hashrate dynamics and block interval. As shown below, the network hashrate decreased since the beginning of the week.

Essentially, a decrease in hashrate means that the efficiency of miners in finding the correct block decreases, leading to longer intervals between blocks.

Source: Glassnode

Delays in block mining cause network congestion. According to Mempool data, the number of unconfirmed transactions in the queue has reached 560,810 at the time of writing, motivating users to increase fees to get priority placement.

Therefore, different levels are established in prioritizing transactions. Users are willing to spend $0.90 to get the most priority.

Source: Mempool

What's next for Bitcoin mining?

The high fees bode well for the current generation of miners as well as those looking to explore it as a viable business model. As the Bitcoin blockchain expands, a large number of continuously active miners will be needed to keep the network secure and decentralized.

Bitcoin miners persevered through the 2022 bear market, intending to recoup their losses in 2023. However, after reaching a yearly high in May, total earnings plummeted significantly. .

Source: Santiment

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