When considering Bitcoin dominance in terms of market cap and trading volume, spare a thought for the poor miners. The miners of other altcoins, that is, as they share under 10% of the total fees value between them.
Only Bitcoin (and Ethereum) Mining Truly Earns A Fee
According to figures from Messari.io, Bitcoin miners collected nearly $754,000 in fees over the past 24-hours. All other cryptocurrencies combined (with data available) brought in just $76,000 in fees, meaning Bitcoin dominance stood at almost 91%
The lion’s share of the other 9.1% was from Ethereum with $73,000; third placed Litecoin languished behind with just under $1500, whilst Dash (in fourth) brought in just $235.
So from the miners’ point of view there is little inclination to mine anything but Bitcoin (and possibly Ethereum) in terms of fees.
But High Fees Are Bad Aren’t They?
For users, yes. But the reality is more nuanced as the confirmation quantity required to secure your transaction vastly differ across blockchains. So with Bitcoin, you still get…