Bitcoin Miners` Revenues Significantly Dropped At The Beginning Of The Summer
The first month of the summer was not the most profitable for bitcoin miners, their total income fell by 23%.
Halving and cheaper transactions
Analysts believe that the main reason was halving the reward for the block found. Besides, there is a tendency to decrease transaction fees in the Bitcoin network.
May vs June
Comparing the figures for two months, we can notice a significant decrease in the income of miners in early summer. In May, their total income amounted to $366 million, and in June only $281 million.
Dynamics and structure of miners' incomes by months, starting in January 2019.
The calculation was carried out on the basis of CoinMetrics data, considering that the mined coins were immediately sold.
Mempool and fees
In the screenshot below, you can see that the mempool of bitcoin has significantly increased on the halving eve, which led to growing fees
Once halving occurred, the number of transactions in the queue significantly decreased, which led to a reduction in transaction costs.
All these caused a significant reduction in miners` income