On Tuesday, the transaction fees on bitcoin represented 75% of the current block reward, currently at 6.25 BTC, as opposed to the usual 2%-5%, said Tim Rainey, treasurer at Greenidge Generation Holdings (GREE). “This is approximately equivalent to the increase in mining revenue if the bitcoin price surged from the current $28,000 level to $50,000,” he said.
Bitcoin’s (BTC) High Fees Brought Back Bull Market-Level Mining Revenue, But Not for Long
