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Bitcoin Miners Are Earning 8x More in Fees Than Whole Cryptocurrencies Combined

Bitcoin estimated for approximately $580 thousand USD in charges in the last 24 hours. On May 10, 2019, at 9:50 am UTC, Bitcoin miners made more than eight times the transaction charges than the consolidated sum of all other cryptocurrencies […]

Prasanna Peshkar

Prasanna Peshkar

May 13, 2019 12:14 PM

Bitcoin Miners Are Earning 8x More in Fees Than Whole Cryptocurrencies Combined

Bitcoin estimated for approximately $580 thousand USD in charges in the last 24 hours. On May 10, 2019, at 9:50 am UTC, Bitcoin miners made more than eight times the transaction charges than the consolidated sum of all other cryptocurrencies posted on the site.

According to the cryptocurrency analytics company Longhash, Bitcoin’s transactions fee followed its price growth. Longhash accumulated transaction fees over a 24-hour span starting at 0950 UTC on May 10, 2019. It registered Bitcoin garnering a huge $580,000 in transaction fees for the span.

Bitcoin’s daily fees

Ethereum is following Bitcoin in this metric. According to Messari, Ether miners made approximately $68 thousand in fees. Ethereum’s daily fees are 88%  less than that of Bitcoin. Litecoin estimated for just $1,100. The subsequent seven assets on the record consolidated (Lisk, Bitcoin Cash, Monero, Dash, XRP, Dogecoin, and Ethereum Classic) estimated for less than $1,500 USD in fees.

In order to assure that the Bitcoin chain could stay protected from 51% attacks, Satoshi Nakamoto perceived of Bitcoin’s transaction fees as a method of allowing users to pay extra money to have their fees prioritized.

What is 51% Attack?

A 51% attack also known as a double-spend attack is an attack carried out by the miner or group of miners on a blockchain in which they try to spend their crypto’s on that blockchain twice. A chain reorganization becomes dangerous when a miner controls a huge number of coins and chooses to shape the system with a wicked purpose.

In other words, 51% attack points to an attack on a blockchain – normally bitcoin’s, for which such an initiative is still theoretical – by an organization of miners managing more than 50% of the network’s mining hashrate, or energy. The criminals would be equipped to stop new transactions from obtaining recognition, enabling them to stop debts between any or all users. They would also be capable to transpose deals that were finished while they were in power of the network, indicating they could double-spend coins.

What bitcoin miners really accomplish could be properly characterized as ambitious bookkeeping. Miners create and manage an enormous public ledger comprising a history of every bitcoin transaction. Every time someone wants to send bitcoins, the variation has to be authorized by miners: They check the record to make sure the sender isn’t transporting money He/she doesn’t have.

Many cryptocurrencies, including Bitcoin, make utilization of block awards as a method of incentivizing crypto mining. In other words, a block reward is a price that a miner can demand for forming a new block. However, Bitcoin’s block reward is created to split. The current Bitcoin block prize is 12.5 BTC. It is forecasted to fall to 6.25 BTC someday next year.

Bitcoin has passed through two halvings to date; in November 2012, and in July 2016. Since blocks are created every 10 minutes on average and commencing at 50 new bitcoins per block when the method was launched in 2009, this generates a very well-defined stock breaker. The security of Bitcoin’s financial plan a pivotal differentiator versus other crypto assets.

Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.

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Prasanna Peshkar
Article By

Prasanna Peshkar

Prasanna Peshkar is a seasoned writer and analyst specializing in cryptocurrency and blockchain technology. With a focus on delivering insightful commentary and analysis, Prasanna serves as a writer and analyst at CryptoTicker, assisting readers in navigating the complexities of the cryptocurrency market.

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