Bitcoin miners are making a killing in transaction fees

Bitcoin miners are making money hand-over-fist.

According to data from blockchain.info.com, the value of transaction fees paid to miners has reached an all-time high of $2.3 million.

Miners are basically the hamsters in the wheel that keep bitcoin's network going. They use rigs of computers to unlock the blocks (underpinning bitcoin's network) on which transactions are made. Every time a miner unlocks a bitcoin block, vis-a-vis mining, all the transactions on that block are processed. The miner, in return for his hard work, is rewarded with 12.5 bitcoins for unlocking the block. They also get to keep the transaction fees bitcoin holders pay when they transact with the cryptocurrency.

In the early days, miners would only get a couple bucks in transaction fees. On Wednesday, however, miners received a whopping $2.3 million.

Full story at http://read.bi/2wvjrZR

Source: Business Insider Nordic

 

 

 

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