Bitcoin, the largest crypto has seen it all in recent time. From a massive market correction to increasing adoption and institutional investments. According to insights published by ETC Group, data shows that cryptocurrency miners enjoyed a strong dominance in Q2 2021.
Research showed that the calculated ARR (annualized revenue run rates) for fees paid to Bitcoin miners reached $2.986 billion in April. Annualized revenue run rates are calculated from the total transaction fees, also known as network revenue, paid to crypto miners in any period. According to a recent tweet, this surpassed the money made by Shopify ($2.922B).
Our research team have analysed revenue generated by #Bitcoin in Q2, 2021.
During this period, the calculated ARR for fees paid to miners reached nearly $3 bn. That’s more than Shopify made last year.
— ETC Group (@ETC_Crypto) August 11, 2021
In addition to this, the total transaction fee increased more than 750% year-over-year. Fees paid to miners jumped from $48.5 million in Q2 2020 to $416.6 million in Q2 2021. Meanwhile, the total transaction volume on the BTC blockchain surged 330% year-over-year to $527.1 billion, compared to $120 billion in Q2 2020.
The median transaction and median daily active addresses recorded a massive percentage increase as well.
“In the past few months we’ve seen leading cryptocurrencies generate more income through transaction fees than some of the world’s most valuable companies have done in recent years. We’re seeing increasing adoption of crypto assets, on institutional balance sheets in place of cash treasuries, and now even in government pension funds.”
Bitcoin at press time was trading above the $46k mark with a 2.5% surge in the past 24 hours.