8x More Profitable to Mine Bitcoin than All Other Cryptos: Report

Miners on the Bitcoin (BTC) network were paid a record $580,000 in mining fees, or rewards, during a 24-hour time period on May 10th, 2019.

This, according to data shared by Messari’s OnChainFX rankings, which revealed that bitcoin miners managed to earn over 8x the transaction fees than miners on all other major crypto networks (combined).

ETH Miners Earn $68,000 In TX Processing Fees

In second place, Ether (ETH) miners earned 88% less in transaction (TX) processing fees when compared to bitcoin miners. In total, mining Ether generated around $68,000 in TX fees on Friday (May 10th, 2019). Meanwhile, Litecoin (LTC) miners earned only $1,100 (in total) in TX fees.

The seven other cryptocurrencies tracked on the OnChainFX site, including Bitcoin Cash (BCH), Monero (XMR), Dash (DASH), XRP, Dogecoin (DOGE), Lisk (LSK) and Ethereum Classic (ETC), earned miners less than $1,500, in total, in TX fees.

More Bitcoins Traded Recently Than Ever Before

Notably, more bitcoins were traded recently (on May 12th, 2019) than any other day in the pseudonymous cryptocurrency’s history. Over $29 billion in bitcoin trading volume was recorded on May 12th. The previous high for 24-hour BTC trading volume was set on January 8th, 2018 - when the world’s most dominant cryptoasset registered more than $25.5 billion in 24-hour trades.

As cryptocurrency prices have begun to surge, it appears that the extended bear market, which lasted throughout 2018, may have come to an end.

Bitcoin Will Account For “A 5% Market Share Of The Earth”

According to legendary billionaire venture capitalist, Tim Draper, Bitcoin will represent around “a 5% market share of the Earth.” Draper, whose comments came during the SALT Conference, held recently in Las Vegas, Nevada, believes that Bitcoin will be far more valuable than it is today. This, as the cryptocurrency is “decentralized, open, [and] transparent” - which makes it a “better currency” than all other fiat currencies, according to Draper.

On May 10th, the Canaccord Genuity Group, a Toronto-based multinational, full-service investment bank focused on “growth companies,” predicted in its report that the price of bitcoin will surge to $20,000 by 2021.

The firm’s report was based on bitcoin’s price movements during the four-year time period from 2011-2015 and from 2015-2019. Additionally, Canaccord’s report took into account the halving of bitcoin mining rewards (every 4 years), which could potentially affect the cryptocurrency’s price.