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Home»TRADING NEWS»Bitcoin miners’ profits hit $107 million after the halving.
TRADING NEWS

Bitcoin miners’ profits hit $107 million after the halving.

By Crypto FlexsApril 21, 20242 Mins Read
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Bitcoin miners’ profits hit 7 million after the halving.
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Bitcoin mining operations reached unprecedented daily profit levels shortly after the halving, dispelling concerns about their viability.

According to available data, miners earned a total of $107 million in block rewards and transaction fees. This figure significantly exceeds the previous record of $77 million set in April 2021.

Why Bitcoin Miners’ Profits Soar

The largest portion of this revenue, approximately 75%, or $80 million, came from trading fees. The remaining $27 million came from block grants. Specifically, Bitcoin miners are rewarded for validating transactions and resolving blocks.

Noticeable trends emerge when: test Bitcoin’s top 10 most valuable blocks in terms of US dollar value – most of which were mined after the halving. In the first halving block alone, fees and block rewards reached $2.6 million, almost taking the top spot. Subsequent blocks boasted values ​​ranging from $1.3 million to $2 million.

“The first 77 blocks of Epoch 5 generated $75 million in miner revenue. For reference, the last 77 blocks of Epoch 4 were worth just $35 million. Half life? It’s kind of like doubling down.” Baylor Landing, Director of Bitcoin Mining Company Core Scientific said.

Read more: What are mining algorithms and what purpose do they serve?

Bitcoin fee per transaction. Source: CryptoQuant

The revenue surge can be attributed to the intensification of mining activity on the newly launched Runes protocol. The protocol introduces meme coins to the Bitcoin blockchain and departs from the BRC-20 token standard using the Unspent Transaction Output (UTXO) model. This facilitates the creation of altcoins through an “etching” process directly on the network.

Data shows that the introduction of Runes led to a surge in Bitcoin network activity, leading to congestion and increased fees. According to Dune analysis, Runes transactions accounted for 57% of all transactions, totaling over 12,200 BTC after the halving.

Despite the surge in transaction fees, experts note a decline in average fees compared to 2017 and 2018. Julio Moreno, head of research at CryptoQuant, emphasizes this point. Emphasize Despite rune activity being higher than previous years, average transaction fees remain low.

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In compliance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. These news articles aim to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to check the facts and consult with experts. Our Terms of Use, Privacy Policy and Disclaimer have been updated.

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