Bitcoin blockchain reaches $1bn in all-time transaction fees

Bitcoin cumulative fee revenue reached a $1bn milestone on October 30

Bitcoin cumulative fee revenue reached a milestone of $1bn (£772m, €895m) on October 30.

According to stats provided by Coin Metrics, transaction fees paid by users was close to the milestone by mid-October, reaching $996.4m.

On October 30 Yassine Elmandjra, analyst working for ARK Invest, confirmed that Bitcoin network surpassed $1bn in cumulative fee revenue.

The total amount of transaction fees is even higher when considering the actual price of Bitcoin. Up to date, the miners were granted 204,808.3479 BTC in transaction fees, which is equivalent to $1.86bn (£1.4bn, €1.6bn).

At the same time, Bitcoin was close to another threshold of $15bn-worth of all-time miner revenue, known as "thermocap". This indicator includes not only transaction fees but also rewards granted to miners for each new block appearing on the blockchain.

At press time, Bitcoin was trading slightly over $9K (£6.9K, €8.1K). Its dominance on the market was around 67 per cent, while the total market capitalisation of the cryptocurrency reached $164bn (£126.7bn, €146.9bn).

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