Bitcoin transaction fees rose 750% to $ 417 million in Q2 2021, nearly ten times last year’s total
October 4, 2021 (Investorideas.com Newswire) Due to their increasing adoption around the world, cryptocurrencies generate higher revenues through transaction fees than large mainstream companies. According to research data analyzed and published by Wette.de, total transaction fees on the Bitcoin network in the second quarter of 2021 reached $ 416.6 million. From the $ 48.5 million recorded in the second quarter of 2020, that was a 750% year-over-year jump.
The growth comes amid increasing adoption of crypto around the world. Global cryptocurrency adoption has climbed 881% in the past year, according to a Chainalysis report.
ARR calculated for BTC transaction fees rose to $ 2.986 billion in April 2021
The calculated annualized revenue (ARR) execution rates for BTC transaction fees reached $ 2.986 billion in April. This figure is higher than Shopify’s ARR for last year, which was $ 2.929 billion.
In Q2 2021, the Bitcoin network’s median transaction fees increased by 1,080%, from $ 1.24 in Q2 2020 to $ 14.64. Median daily active addresses jumped 11.5%, from 880,000 in Q2 2020 to 982,000. Total BTC transaction volume nearly quintupled from $ 120.2 billion to $ 527.1 billion of dollars, an increase of 338% year-on-year.
However, after hitting an all-time high of nearly $ 65,000 in April, BTC closed the quarter at around $ 35,000. The Chinese crackdown on miners was partly responsible for this huge drop in prices. According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), nearly half of Bitcoin’s mining hashrate came from China (46.04%) in April 2021. Due to the mining crackdown, BTC transaction fees in June fell by 93% from April highs. . Trade volume has also almost halved from the all-time high reached in May.
The overall increase in Bitcoin’s transaction fees in the second quarter was not an isolated case. Ethereum’s transaction fees increased 5,000% due to growth in transaction volumes. From $ 36.7 billion in the second quarter of 2020, total ETH transaction volume grew 2,000% year-on-year to $ 777.1 billion.
The full story, stats and information can be found here: https://www.wette.de/bitcoin-transaction-fees-spiked-by-750-to-417-million-in-q2-2021-nearly -ten- times-last-years-total /
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