Bitcoin miners earned record $2b before halving

Bitcoin miners earned over $2 billion in March, reaching a new all-time high.

Based on data from The Block’s analysis, the highest revenue ever earned by miners occurred in May 2021, totaling approximately $1.7 billion.

In March, Bitcoin network miners earned a combined total of $85.8 million from transaction fees – a new monthly record – in addition to their block rewards.

Bitcoin miners earned record $2b before halving

The leader was the mining pool Foundry USA, which mined 1,312 blocks, 29.74% of the total blocks in the network. Antpool, with 989 blocks, was second, followed by Viabtc, F2pool, and Binance Pool.

Despite the upcoming halving event in April that will decrease the block reward from 6.25 BTC to 3.125 BTC, daily commission volumes have reverted back to approximately $2 million. Initially, this change did not significantly impact the indicator’s readings during the first few days of the month.

Approximately 15-20% of Bitcoin’s computing power could become unprofitable for miners following the halving, estimates Galaxy Digital. In response to the reduced rewards, some miners may choose to shut down less efficient operations, leaving only the most productive equipment running.

Experts also acknowledge the movement of outdated Bitcoin mining machines from the US to areas like Africa, where energy costs are cheaper, following the Bitcoin halving event.

Buyers are also waiting to complete the halving to purchase mining equipment at lower prices. In March 2022, used S19s cost approximately $7,000 and are now valued at $427.

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2024-04-02 19:05