Crypto:
30188
Bitcoin:
$69.553
% 5.05
BTC Dominance:
%54.4
% 0.13
Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 69.553
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

Bitcoin Miners Starting to Feel the Heat of Halving: Declining Revenue and Transaction Fees

Bitcoin Halving

The Bitcoin reward halving on April 20th halved the system’s rewards to miners, but the interest in the Runes protocol and the transaction fees it brought in had filled this gap. However, with May, interest in Runes and, consequently, transaction fees, have returned to normal levels. For miners who were earning an average of $6 million per day in the first 4 months of 2024, this figure has now fallen to below $3 million…

The waning interest in the Runes protocol has further reduced the already falling revenue of Bitcoin miners. While roughly half of the transactions on the Bitcoin network are still Runes protocol-related, the number of transactions, which was 800,000 on April 23rd, has now fallen to below 350,000.

This, of course, has also had a negative impact on transaction fees. According to The Block, the 7-day moving average of transaction fees, which had risen to as high as $40, has now fallen below $10 and continues to decline. On the day after the halving, Bitcoin miners were paid a total of $80 million.

All-time Low Reached

Again according to The Block, Bitcoin miners’ revenue has fallen to $0.048 per terahash per second, an all-time low. However, it is worth noting that the value of the 3.125 BTC miners earn per block today is much higher than the 25 BTC they earned in 2013.

Giant Facilities On The Way…

Miners who bought thousands of machines before the halving and opened and will continue to open new facilities are continuing their struggle to outdo each other in this race. Many mining companies, from Bitfarms to RIOT to Cleanspark, will open new facilities with thousands of devices to be delivered in the 3rd quarter of 2024.

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