Since the network’s transaction fees have decreased after the halving event, bitcoin miners are making fewer profits. The average transaction cost on the Bitcoin network has decreased by 28% during the last day, to about $24.99, according to data from YCharts.
Between April 19 and 20, the average Bitcoin transaction cost increased to $128.45 from $19.76, but it has subsequently significantly decreased. The transaction charge was $5 a month ago, but on April 6 it was only $2.8.
Bitcoin miners’ revenue sees decline.
Furthermore, since the network’s block reward was decreased by the halving event, the daily earnings of Bitcoin miners have also decreased. According to YCharts statistics, on April 22, miners’ earnings fell by 5.1% to $48.17 million per day.
The daily funds earned by BTC miners is still far larger than it was a year ago, even with this recent decline. Miners’ earnings were $25.7 million as of April 23, 2023.
According to Santiment statistics, miners presently possess a total of $1.86 million BTC in BTC.
The asset’s price volatility has decreased as a result of the decline in BTC output. In the last day, BTC has slightly increased in value by 0.15% to trade at $66,175, with a market capitalization of over $1.3 trillion and a daily trading volume of $24.7 billion.
The network value to transaction (NVT) ratio for BTC has decreased over the last day from 174 to 88, according to data from market intelligence platforms. This suggests that Bitcoin might be undervalued at its current price. Generally speaking, an NVT ratio more than 100 would suggest that the asset is overpriced.
