The price of bitcoin has returned to $9,000 today, as new data revealed how much miners will lose after the third bitcoin halving.
The price of bitcoin has remained stable, despite major changes
Data from CoinMarketCap show that the BTC/USD currency pair has again increased to $9,000 on Wednesday after a two-day break.
Support above the $8,000 range did not yet appear after halving, which was preceded by a rapid drop in the Bitcoin price, which temporarily reached a 200-day moving average of about $8,200.
"Volatility draining down on $BTC, which suits altcoins as some are showing strength"
, Cointelegraph analyst Michaël van de Poppe said.
Miners ravenue dropped by 47%
Meanwhile, halving had a strong impact on miners, and data from 12 May showed that their revenues fell by about 47%.
From $17.16 million of block subsidies and transaction fees the day before, on tuesday there was only $8.95 million left - these data come from blockchain.com
Commenting on the changes, Mario Gibney, the Blockstream customer service employee, wrote on Twitter:
The first mining reward of #bitcoin's 4th epoch is 7.16 BTC (6.25 block subsidy + 0.91 in fees).— Mario Gibney (@Mario_Gibney) May 11, 2020
That means 12.7% is made up of transaction fees.
An indication of the brave new world of fee-based security we're venturing toward? pic.twitter.com/lh3te5vxkV
Over time, Bitcoin transaction fees will have to increase in order to meet increased demand and keep miners in business.
Nowadays, the fees are still far from the levels observed for example last year when bitcoin cost $13800 because the total number of transactions is lower.