Journalist
Posted:
- Bitcoin’s daily number of transactions reached an all-time high on September 15.
- Despite the increase in compensation, miners did not rush to liquidate their assets.
Bitcoin [BTC] has become active over the past week as more people used the network to make transactions.
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The daily number of transactions reaches ATH
According to an analysis company in the chain InHetBlokthe blockchain recorded cumulative fees of $6.3 million from the beginning of the week through September 15. This represented an impressive 40% growth from the previous week. In addition, compensation, which is an essential part of miners’ income, has doubled compared to the same period last year.
A look at the transaction data revealed a sharp increase in daily numbers throughout the week. According to Glassnode, daily confirmed transfers reached a record high of 703,504 on September 15.
Source: Glassnode
When transactions peaked, the network crashed. According to Mempool Data shows that the number of unconfirmed transactions in the queue has risen to 527,710 at the time of writing, prompting users to bid more to jump the queue.
How did the miners react?
While the increase in fees affected users looking to process low-value transactions, BTC miners laughed all the way to the bank. As shown in the chart below from CryptoQuant, the number of coins in miners’ wallets rose to a high not seen since June 1.
Source: Glassnode
Miners rely on incentives such as block rewards and transaction fees to offset their high electricity and hardware costs. Therefore, they liquidate their assets quite often. But was that also the case this time?
Interestingly, despite the increase in fees, the flow of BTC coins from miners to exchanges has declined over the past week. This implied that miners were hoping for a further increase in network costs and were thus willing to stockpile for a few more days.
Source: CryptoQuant
Read Bitcoin’s [BTC] Price forecast 2023-24
Miner returns extra costs
In addition to the usual fluctuations in the above statistics, a bizarre incident came to light. A Bitcoin miner who accidentally received about 19.8 BTC, or $525,610 at current market prices, from Paxos, a blockchain technology startup, has returned the money.
F2Pool returned the overpayment of 19.82108632 BTC to Paxos https://t.co/IB32RNq5uO
— mempool (@mempool) September 15, 2023
The miner involved had doubts about the decision and taken to X (formerly Twitter) and asked his followers for advice. Interestingly, most of them voted to distribute the money to other Bitcoin miners.