• Miner revenue on the Bitcoin network fell between May and June.
• As BTC traded in a narrow range, buying momentum withered.

Bitcoin [BTC] miner revenue has experienced a decline on a month-over-month basis, despite the network witnessing a significant increase in on-chain transaction volume, data from TheBlock revealed. 

Read Bitcoin’s [BTC] Price Prediction 2023-24

Being a proof-of-work network, Bitcoin miners’ revenue is derived from two primary sources: inflation rewards (block subsidies) and transaction fees. When miners successfully add a new block, they are rewarded with a certain number of newly minted Bitcoins. 

In addition to the block subsidy, miners also earn transaction fees, which are paid by users who initiate BTC transactions. According to information retrieved from TheBlock, Bitcoin’s block subsidy dropped by 6% between May and June. 

During the same period, revenue earned by miners on the Bitcoin network from transaction fees paid to use the blockchain also declined by 15%. In the current month, miners have accumulated $173 million in revenue from inflation rewards, while their earnings from transaction fees over the past seven days have reached $177 million.

While miner revenue fell between May and June, BTC on-chain transaction volume rallied. Per data from TheBlock, this increased by 24% during that period.

Interestingly, while the total value of transactions conducted on the BTC network went up between May and June, BTC transactions count fell by 25%. 

BTC remains tightly positioned 

After breaching the $31,000 price poin

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Author: Abiodun Oladokun

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