Revenue generated from bitcoin (BTC) mining has reached more than $100 million for the first time, setting a record daily profit during the bitcoin halving day on April 20, UNN reports with reference to Сointelegraph.
Details
On April 20, bitcoin miners earned $107.7 million through mining and transaction fees, as community members were willing to pay high amounts to register their transactions in block number 840,000. Investors, eager to be part of bitcoin history, spent 37.7 BTC (equal to $2.4 million) on fees to secure a spot on the limited block, which led to the fourth halving event. The block held 3,050 transactions, with an average commission of about $800 per transaction. The high fees were caused by the competition to record and engrave rare satoshis in the halving block. Significant activity was also associated with the launch of the new Runes Protocol by Casey Rodarmore, the creator of Bitcoin Ordinals, which started on the day of the halving.
The previous revenue record for bitcoin miners was set on March 11 at $78.7 million, when the price of bitcoin hit a new high of $71,415. This jump in revenue was closely linked to the market value of bitcoin, as miners are rewarded in the form of BTC for verifying transactions on the blockchain.
The April 20 bitcoin halving, which took place for the fourth time, reduced the mining reward by 50%, bringing it down to 3,125 BTC for each block mined, until the next halving reward is reduced.
After the hype around BTC halving subsided, the average transaction fee on the Bitcoin network dropped significantly. The very next day after the record average value of $128 was set, fees plummeted.