What Happened on May. 8th | BRC-20 Frenzy could cause $BTC Price to Drop
Unlike Ethereum, where part of the transaction fees will be burned hence reducing the supply of $ETH, all your rush to BRC-20 and paying higher transaction fees go to bitcoin miners.
Two months ago, the average $BTC rewards from transaction fee per block is 0.19 $BTC, and now the average $BTC rewards from fees are almost 5 $BTC, and sometimes even higher than the block rewards of 6.25 $BTC.
Bitcoin Saw First Ever Block to Have Higher Transaction Fees Than Block Subside
Bitcoin miners have been struggling to make a profit for the past years due to higher energy costs and now they are more than happy to sell these unexpected $BTC fees income to boost their revenue. Therefore, in the short term, the BRC-20 frenzy will cause more $BTC selling pressure.
Biggest Gainers & Losers
Bitcoin Saw First Ever Block to Have Higher Transaction Fees Than Block Subside: due to competitively high block space demand, Bitcoin had its first ever block that contained transaction fees greater than the block subsidy. Block 788,695 had 6.7 $BTC transaction fees, higher than the block subsidy at 6.25 $BTC.
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