According to a recent study by ETC Group, data shows that cryptocurrency miners had a very successful spring in the second quarter of 2021.
According to a press release, “The quarterly study, published for the first time by the ETC Group, analyzes the performance of Bitcoin, Ethereum and Litecoin, and offers commentary and analysis on market and technical developments. The annualized sales rates are calculated based on the total transaction fees, also known as network revenue, paid to crypto miners in each period. “
The report shows that in the month of April, the calculated ARR for fees paid to bitcoin miners reached $ 2.986 billion. In a tweet from the ETC Group It also says that the number dwarfs Shopify ($ 2.922 billion) and Square ($ 2.982 billion) in revenue.
In the report, the authors also discussed the fees generated with Ethereum. These have even increased by more than 5,000% compared to the previous year. For Bitcoin, on the other hand, transaction fees increased by more than 750% year-on-year. The fees paid to miners (network revenue) increased from $ 48.5 million (Q2 2020) to $ 416.6 million (Q2 2021).
Bitcoin numbers are on the up
The report’s authors go into some other interesting bitcoin data as well. The transaction volume of the Bitcoin blockchain was 527.1 billion US dollars in Q2 2021. In Q2 2020, however, the transaction volume was 120 billion US dollars. This corresponds to an increase of approx. 330%.
On behalf of the ETC Group, CEO Brady Duke said:
“In the past few months we’ve seen leading cryptocurrencies generate more income from transaction fees than some of the world’s most valuable companies have made in recent years. We’re seeing increased adoption of crypto assets on institutional balance sheets instead of cash and now even in government pension funds. “
The ETC Group also said that the rise in Bitcoin metrics was due to institutional investors and countries like El Salvador.
“While some countries continue to take a cautious or negative attitude towards Bitcoin, others like El Salvador have made historic strides in integrating Bitcoin into their national currency models.”
Translated by Maximilian M.
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