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Bitcoin Blockchain Begins To Awaken From Death Spiral

Data show that the latest sale has revived Bitcoin blockchain activity after it has been muted for some time.

If the sale continues, the activity on the Bitcoin chain will return.

According to the latest weekly report from Arcane Research, BTC transaction fees have risen 17% over the past week.

Over the past few months, activity on the Bitcoin chain has been significantly curtailed due to low travel and low transaction fees.

A “transaction fee” is the amount that an investor must attach to a transaction in order to complete the transfer.

The miner receives this fee in exchange for processing the transaction. They usually prioritize trading at higher fees in order to maximize their income.

The value of the average Bitcoin transaction fee will fluctuate as it depends on the specific network conditions at the time of transfer.

If the mempool is clogged because the network is monitoring a large number of transactions, the price will naturally increase.

Miners can only process a limited amount of transactions at a time, and investors who don’t want to wait will only pay higher rates.

Related Readings | Bitcoin Miner Revenues Decrease 61% From Average Over the Past Year

The Bitcoin network hasn’t been so busy in the last few months, so transaction fees have remained at historically low levels.

Now, here is a table showing how Bitcoin miner related metrics changed last week:

Looks like the average transaction value went up over 52% during the past seven days | Source: Arcane Research's The Weekly Update - Week 24, 2022

As mentioned above, Bitcoin transaction fees have increased by 17% from last week as crypto prices have fallen.

Daily rates currently account for 2.39% of BTC Minor’s total revenue, the highest since July last year.

Related reading | “Bitcoin is dead” Google search peaks for 12 months – Bitcoin is really “dead?”

Currently, the number of transactions per day is 252k, which is about the same as last week. This is because this number is almost the limit of the network.

The daily miner’s income itself has observed a significant 32% plunge caused by price plunges and increasing difficulty in mining.

However, as the hash rate drops, the miner’s situation will soon improve and the difficulty will be reduced by 1.9%.

BTC price

As of this writing, Bitcoin prices have fallen 5% in the last 7 days and have fluctuated at around $ 20.1k. In the past month, the value of cryptography has been lost by 31%.

Bitcoin price chart

The price of the coin seems to have declined a bit over the past day | Source: BTCUSD on TradingView
Featured image from Dmitry Demidko on Unpslash.com, charts from TradingView.com, Arcane Research

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