Bitcoin mining revenue surpassed $100 million for the first time, hitting a record-high daily earning on Bitcoin halving day in 2024.
On April 20th, Bitcoin miners garnered a collective $107.7 million from mining rewards and transaction fees, with users eagerly paying high fees to ensure their transactions were included in the 840,000th Bitcoin block.
However, Investors seeking a place in Bitcoin’s legacy splurged 37.7 BTC (equivalent to $2.4 million) solely on fees to secure their portion of space in the BTC block, initiating the fourth halving event. With 3,050 transactions in the block, each user on average paid just under $800.
The race to inscribe and etch rare satoshis on the halving block caused the record-breaking fees. A frenzy of activity on BTC Ordinals creator Casey Rodarmor’s new Runes Protocol, which went live at the same time as the halving, fueled much of the activity.
Bitcoin Halving Reduces Mining Rewards To 3.125 BTC
Moreover, Bitcoin miners reached a previous all-time high revenue of $78.7 million on March 11, coinciding with Bitcoin’s price surge to $71,415. However, this revenue spike directly correlated with Bitcoin’s market price, as miners receive BTC rewards for confirming transactions over the blockchain.
The Bitcoin halving event on April 20 halved mining rewards for the fourth time, reducing them to 3.125 BTC for every block mined until the next halving further reduces them.
Just a day after reaching a record average of $128 on April 20, the average fees paid on BTC have sharply fallen amid declining hype around Bitcoin halving.
As of April 21, mempool.space reports that BTC transaction fees have dropped to an average of $8–$10 for medium-priority transactions.
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