Bitcoin Mining Pools Witness Transaction Fee Windfall

In a remarkable surge due to the BRC-20 boom, on-chain transaction volume has spiked, leading to a windfall of transaction fees for Bitcoin mining pools. According to recent on-chain statistics, a significant increase in transaction fee income has been recorded between May 2 and May 9, according to ViaBTC.

Data from ViaWallet revealed that in the stated week, miners across the Bitcoin network raked in about 2,148.31 BTC in transaction fees. This significant figure represented 23.6% of total mining revenue, a significant jump from the same period in April where transaction fees only made up less than 4% of total revenue.

Source: https://explorer.viawallet.com/btc/statistics/mining/miningincome

BTC.com, providing the hashrate share of each mining pool, indicated a substantial income from transaction fees for various mining pools. Based on the Bitcoin price at $27,479 as of May 10, Foundry earned a whopping 640 BTC ($17.581 million), bagging 29.8% of the total transaction fees. This was closely followed by AntPool, which amassed 494 BTC ($13.57 million), accounting for 23% of the total.

Binance Pool and F2Pool were also significant earners, with the former raking in 251 BTC ($6.895 million), or 11.7% of the total, and the latter 236 BTC ($6.483 million), representing 11% of the total transaction fees. ViaBTC was not far behind, earning 200 BTC ($5.494 million), making up 9.3% of the total.

Despite the profitability for miners and market speculators, the increase in transaction fees poses challenges for ordinary Bitcoin users. For nations like El Salvador, where Bitcoin is adopted as a daily payment method, these high transaction fees present significant hurdles. However, potential solutions, such as the Lightning Network, are being proposed to mitigate these concerns.