7 days ago
‘Crypto Week' Excitement Obscures Shrinking Miner Fees
Kirk Ogunrinde checks in on the shifting economics of Bitcoin mining.
While champagne is being uncorked as ' Crypto Week ' in the US culminates with the first-ever industry-specific regulation, Bitcoin miners have one less reason to celebrate.
The companies - which spend billions of dollars on specialized computers and electricity to validate encrypted transactions on the Bitcoin blockchain and earn rewards in the form of the token - saw a significant source of revenue tumble this week even as the price of the cryptocurrency soared to a record of more than $123,000. The minimum fee earned for processing transactions fell by around 90% at one point to the equivalent of less than $1.
