Bitcoin miners’ earnings declined to the lowest in the last 3 months. The price stagnation in Bitcoin has negatively affected miners.
Bitcoin miners’ earnings are falling
Bitcoin, the leader of the crypto currency exchange, is an important source of income for its miners. Hundreds of thousands of miners from many countries generate income in this area.
However, the price stagnation and transaction activity in Bitcoin in recent months have negatively affected miners. According to data shared by blockchain analysis company Glassnode, approximately 231 thousand transactions took place on October 18. This means that the lowest transaction level has been seen since May 24.
This situation caused a direct decrease in the income earned by miners. Bitcoin miners’ revenue declined to 3.49 percent, the lowest in the last 3 months.
Blockchain analyst Will Woo says that boring price action and low volatility tend to reduce the number of transactions from exchanges to exchanges. This directly negatively affects the income of Bitcoin miners. We will see together when Bitcoin, which is still at the level of 11 thousand dollars, will gain activity.