Crypto takes a backseat as Bitcoin grabs 90% of the mining fees.
Bitcoin and Ethereum mining earn competent fees compared to the rest, Bitcoin gathered about 7,54,000 in US dollars as fees in the last 24 hours, the Cryptocurrencies had only collected 76,000 US dollars, the Bitcoin mining stands tall in rankings. While the second closest to Bitcoin came Ethereum that had gathered just 73,000 US dollars, the Litecoin remained lightweight and ranked third bringing in barely 1,500 US dollars, DASH ranked fourth and it brought a mere sum of 235 US dollars, Monero could bring only about 160 US dollars, and others such as Lisk, Dogecoin, NEM, and XRP were minorities that could collect a maximum amount of 100 to 140 US dollars, the miners are most convinced to mine for the top-ranked Bitcoin.
What about the skyrocketing fees
It is a bit of an issue as it is an expensive affair for the users, the validation amount needed to secure the deal can be varying in relation to the blockchains, there is a certain amount of security associated with Bitcoin, however the Bitcoin has a median charge of 1.20 US dollars for a BTC deal, while others fare much less, such as Ethereum with just 0.0430 US dollar as a fee, and just 0.000480 US dollar for DASH, these do not affect the transaction worth on Bitcoin.
Ethereum has gathered fees that are 73,000 US dollars on behalf of many transactions numbering up to 7,18,420, but Bitcoin had garnered a lot more fees amounting to 7,54,000 US dollars on behalf of much lesser number of transactions that number up to 3,61,410, Ethereum has much lower transaction worth compared to Bitcoin, Ethereum has usually money free transactions on their network.
Rewards for the miners apart from the fees
Coin mining has its benefits apart from the fees, there are block prizes that are facilitated by several coins, over 140 blocks in the last 24 hours were mined providing a 12.5 BTC prize, this sums up a total prize of about 13 million US dollars among the miners, it is possible that next year the prize can go down to 6.5 BTC, making fees the miners only hope for income, an adequate fee value can further motivate the miners, Bitcoin is enjoying a top rank among the miners and has a faster network securing system.
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