Shiba

Bitcoin

April

Shiba Inu

The Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="">BTC</a>) miners’ revenue has been consistently declining after the halving event. The downtrend comes as the average transaction fee on the network plunges. 
According to <a href="https://ycharts.com/indicators/bitcoin_average_transaction_fee" target="_blank" rel="">data</a> provided by YCharts, the average transaction fee on the Bitcoin network declined by 28% in the past 24 hours, hovering around $24.99 at the time of writing.&nbsp; 
Data shows that the average Bitcoin <a href="https://crypto.news/bitcoin-gas-fees-drop-almost-10x-after-halving/" rel="">transaction fee</a> surged from $19.76 to $128.45 between April 19 and 20. It’s important to note the transaction fee was sitting at $5 a month ago and dropped to as low as $2.8 on April 6. 
Moreover, the daily Bitcoin miners’ revenue has also been declining after the network’s block reward was <a href="https://crypto.news/bitwise-cio-bitcoin-halving-is-buy-the-news-event/" rel="">cut in half</a>. Per data from YCharts, the miners’ earnings fell by 5.1% on April 22, reaching $48.17 million per day. 
Despite the downturn, the daily BTC miners’ revenue is still up by 87% over the past 365 days — on April 23, 2023, the amount of miners’ earnings was sitting at $25.7 million. 
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According to data provided by Santiment, the total <a href="https://crypto.news/surge-in-bitcoin-transaction-fees-linked-to-meme-coin-runes-etching-craze/" rel="">Bitcoin</a> supply held by miners is $1.86 million BTC.&nbsp; 
<figure class="wp-block-image size-large">
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 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/04/Bitcoin-BTC-13.28.09-23-Apr-2024-1024x347.png.webp"> 
 <img loading="lazy" decoding="async" width="1024" height="347" src="https://crypto.news/app/uploads/2024/04/Bitcoin-BTC-13.28.09-23-Apr-2024-1024x347.png" alt="Bitcoin miners' revenue drops amid declining transaction fees - 25"> 
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 BTC price, supply held by miners and NVT ratio – April 23 | Source: Santiment
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Notably, the lower BTC production has also decreased the asset’s price volatility. 
Bitcoin is up by 0.15% in the past 24 hours and is trading at $66,175 at the time of writing. The asset’s market cap is roaming around the $1.3 trillion mark with a daily trading volume of $24.7 billion. 
Data from the market intelligence platform shows that the Bitcoin network value to transaction (NVT) ratio declined from 174 to 88 over the past 24 hours.&nbsp; 
The indicator shows that Bitcoin is slightly undervalued at this price point. An NVT ratio higher than 100 would suggest the asset is overvalued.&nbsp; 
 Read more: <a href="https://crypto.news/shiba-inu-raises-12m-to-develop-layer-3-network/" rel=""> Shiba Inu raises $12m to develop layer 3 network </a>

Bitcoin miners’ revenue drops amid declining transaction fees

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