According to Cointelegraph, with the block reward halved, miners rely on bitcoin transaction fees to survive to a greater extent. On May 10, the miner’s income was 2188 BTC, which fell to 852 BTC on May 12, a 61% drop. Block reward halving forced some miners to leave the Bitcoin blockchain, reducing network computing power. This in turn leads to an increase in the block generation interval, which means that fewer blocks are processed per unit time, which reduces the number of block rewards available to miners. What has happened so far can be called a small death spiral scene. The only benefit to the miners is that network congestion has caused a substantial increase in transaction fees, from $ 0.62 at the end of April to $ 5.21 on May 15. Currently, due to this change, transaction fees account for 17% of miners’ income, which is the highest percentage since January 2018.
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