Data Snippet: Fees account for ~1.06% of Bitcoin miners revenue - OhNo WTF Crypto

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Data Snippet: Fees account for ~1.06% of Bitcoin miners revenue

April 15, 2020 ,
#crypto #bitcoin

Fees account for ~0.04% of Bitcoin miners revenue(1)

  • This graph shows the number of transactions entering the bitcoin mempool every hour at every fee level.
  • The transactions are grouped into different fee ranges by satoshi per bytes.
  • Many of the transactions are at a very low fee range from 100 to 5000 satoshis.
  • Low fee transactions account for ~50% of the total.
  • Approx 1200 transactions are placed with a fee of 100000 satoshis (0.001 BTC) and above.
  • High fee transactions account for ~8% of the total.
  • The number of unconfirmed transactions every hour regularly peaks between 8 am and 6 pm UTC. Around ~15000 to 18000 transactions are added during this time.

Fees account for ~0.04% of Bitcoin miners revenue(2)

  • This graph shows the number of pending transactions left in the mempool after miners have confirmed transactions, on an hourly basis.
  • Miners prefer confirming transactions with a higher fee.
  • 75% of transactions with a fee range above 100000 satoshis are confirmed within the hour.
  • Miners earn the majority of their revenue from the block reward.
  • The block reward is currently 12.5 BTC.
  • Miners supplement this reward with transaction fees.
  • Fees account for ~1.06% of miners revenue.

Fees account for ~0.04% of Bitcoin miners revenue(3)

  • This graph compares the mempool size and the price of Bitcoin
  • There is statistically no correlation

Brave New Coin runs a Bitcoin full node. As soon as this node sees an unconfirmed transaction transmitted across the network it is recorded as entering the memory pool, or mempool. Mempool transaction data, which includes the transaction fee, is collected every 10 seconds.

Along with mempool data, we also collect confirmed transactions and block information.

We generate block statistics on different granularities (block-level, hourly, daily, weekly, monthly and yearly) and mempool analytics after every block execution. Eight different prediction models for the bitcoin block reward halving have been created using this data, which is updated every day at midnight UTC. For more information please get in touch.



OhNoCrypto

via https://www.ohnocrypto.com

, Khareem Sudlow