Data from August 28th to 3rd of September; Source: CoinMetrics
Miner revenue has dropped in all major proof-of-work cryptocurrencies over the past week. In Bitcoin mining, competition has never been so high. Both the hash rate deployed on the network and the difficulty level are at record highs. The difficulty level is currently at 10.77 trillion and is estimated to rise another 6% at the next difficulty adjustment.
The average daily fees Bitcoin users are paying to transact on the network decreased by 29.1% from last week. One explanation for this could be the lower transaction sizes being stored in the memory pool (mempool) recently. While the mempool value increased over 10 MB once over the past month, values of over 30 MB were observed several times earlier in the year.
Bitcoin Mempool Year-to-date, Source: Statoshi.info
Source: CoinMetrics State of the Network, Statoshi.info
