Bitcoin (BTC) continues its downward trend, and since it dropped below the $65,000 mark, there has been a noticeable decline in overall sentiment towards BTC, the dominant force in the market.
Current Status of Miners
The BTC mining process is showing promise as transaction fees gradually become a more significant source of revenue for miners. Stay updated on the latest financial and business news by visiting COINTURK FINANCE.
This increase in revenue can be attributed to the decreasing supply of Bitcoin from halving and the growing number of transactions since the start of the year. As a result of recent developments, miners are benefiting more from transaction fees.
This change in revenue calls for adaptation to the evolving ecosystem. Miners will need to strategize regarding fees, which have become their primary source of income. This situation will drive the sector towards greater innovation and efficient allocation of capital.
Decline in Bitcoin Activities
However, the current activities on the Bitcoin network could pose problems for miners in the future. Analysis of data provided by Santiment reveals a significant decrease in the number of daily active addresses conducting transactions on the Bitcoin network in recent months.
If this decline in network activity continues, it is likely that miners’ earnings from the process will decrease. Additionally, the volumes of NFTs, which were prominent on the Bitcoin network in recent months, have also noticeably declined.
Bitcoin has recently lost its position as the top platform for NFT sales to Ethereum. At the time of writing, Bitcoin has fallen to third place in terms of NFT sales, with Polygon surpassing it as another network.
The declining interest in the Bitcoin ecosystem has also led to a drop in miner revenues. Over the past few weeks, there has been a noticeable decrease in daily miner revenues, dropping from $50 million to $30 million.
If this decline in miner revenues continues, these miners may need to sell BTC to maintain profitability. This potential selling pressure on BTC could result in further price drops.
At the time of writing, BTC was trading at $64,358, showing no significant price movement in the last 24 hours.
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Disclaimer: The information provided in this article is not investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and should conduct their own research.
