- BTC miner revenue rose to $916 million in May.
- The boost in revenue could be related to the elevated on-chain activity.
- Bitcoin is hovering around $27,000 after falling towards the $26,600 range today.
In May, Bitcoin mining revenue achieved a substantial milestone, reaching $916.six million, representing a notable month-over-month increase of 13.7%. The Block’s Data Dashboard reveals this figure includes transaction charges totaling over $120 million.
The boost in transaction fee revenue could be related to elevated on-chain activity, mainly driven through the rise of Bitcoin NFTs through platforms like Ordinals.
Data shows Bitcoin transaction begin May
Based on data in the Block Research, May possessed a substantial boost in transaction activity around the Bitcoin network, with as many as 16.9 million transactions recorded for that month.
On Thursday, both Bitcoin and also the broader cryptocurrency market observed a consecutive two-day decline as concerns about inflation and continuing rate hikes resurfaced. The U.S. House of Representatives effectively passed your debt ceiling deal on Wednesday night, and also the bill now awaits approval in the Senate.
Bitcoin possessed a 1% decrease throughout the day, buying and selling at $26,800, and it has faced a loss of revenue well over 6% previously month. Based on CoinMarketCap data, Bitcoin is buying and selling at $27,011 at press time. BTC rose away from a 24-hour low of $26,671 to some a lot of $27,346 before falling to the present buying and selling cost. Regardless of this, the entire cryptocurrency marketplace is buying and selling in consistency without any major fluctuations.