Data from 31st of July to August 6thThe price of bitcoin has appreciated over 20% over the course of the past seven days. The average revenue miners have generated over this period has also increased with Bitcoin miners earning an average of $21.2 million daily. However, the fees users are paying to transact across the Bitcoin network underwent a slight decline of 5%. The greater revenue therefore can be attributed to more computing power deployed on the network which results in valid blocks being appended to the blockchain at a faster pace. To account for this, the latest Bitcoin mining difficulty adjustment resulted in the difficulty level reaching record highs at almost 10 trillion.
Source: CoinMetrics State of the Network
