The Bitcoin network has recently been experiencing congestion but it is not necessarily connected to conventional transactions. Instead, the congestion was triggered by the recently launched BRC20 tokens.
Perhaps the effects of the BRC20-induced transactions are a more interesting aspect of Bitcoin’s current predicament. Higher transactions often translate to more revenue for miners. While that was the case at first, we have to consider other factors.
witnessed an uptick in the first week of May. However, it has since reverted even though the BRC20 tokens are still fueling strong network activity.There might be a reasonable explanation for why the miner revenue has been tanking after a brief rally. Higher profitability has attracted more miners into the fold. This was evident by the surge in the Bitcoin network’s hash rate between 5 and 14 May. More miner participation results in a smaller share of the network revenue.
France Dernières Nouvelles, France Actualités
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