2024

Bitcoin

Impact

April

<div class="finbold">
 <p class="paragraph">Bitcoin (BTC) <a rel="noopener noreferrer nofollow" title="miner" href="https://thebittimes.com/tag/miner.html">miner</a>s have achieved a new <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> milestone from validating transactions, following the 2024 halving. As Bitcoin fees surge, these <a rel="noopener noreferrer nofollow" title="miner" href="https://thebittimes.com/tag/miner.html">miner</a>s are making high earnings, sparking discussions about the future dynamics of the network.</p>
 <p class="paragraph">Following the recent Bitcoin halving on April 20, 2024, <a rel="noopener noreferrer nofollow" title="miner" href="https://thebittimes.com/tag/miner.html">miner</a> <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> surged to an all-time high of $106.7 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>, with 75.444% of it stemming from network transaction fees. This highlights a pivotal shift in <a rel="noopener noreferrer nofollow" title="miner" href="https://thebittimes.com/tag/miner.html">miner</a> compensation strategies post-halving.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="489" src="https://cdn.thebittimes.com/images/2024/04/21/d338d1e2b8eb62c281ae4df0b831b191.webp" alt class="wp-image-170647" srcset="https://cdn.thebittimes.com/images/2024/04/21/d338d1e2b8eb62c281ae4df0b831b191.webp 1024w, https://cdn.thebittimes.com/images/2024/04/21/d338d1e2b8eb62c281ae4df0b831b191.webp 300w, https://cdn.thebittimes.com/images/2024/04/21/d338d1e2b8eb62c281ae4df0b831b191.webp 768w, https://cdn.thebittimes.com/images/2024/04/21/d338d1e2b8eb62c281ae4df0b831b191.webp 1536w, https://cdn.thebittimes.com/images/2024/04/21/d338d1e2b8eb62c281ae4df0b831b191.webp 1614w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Percent Miner Revenue from Fees. Source. Glassnode</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-surge-in-revenue-amidst-reduced-block-rewards">Surge in revenue amidst reduced block rewards</h2>
 <p class="paragraph">The recent halving, which took place on April 20, 2024, drastically reduced the block reward from 6.25 to 3.125 Bitcoin. This strategic adjustment is designed to slow the increase of the total Bitcoin supply, which is capped at 21 million coins.</p>
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 <p class="paragraph">Despite the reduction in block rewards, miners experienced a significant boost in total block revenue, which climbed to 21.74 BTC. The primary driver behind this increase was a spike in transaction fees, which accounted for nearly 18 BTC of the average block revenue, according to data from OKLink.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">According to OKLink, due to rune minting, in the 15 blocks since the Bitcoin block height 840000 completed the halving to 840014, the average revenue per block has reached 21.74 BTC, of which the average transaction fee reward per block is as high as 18.62 BTC.…</p>— Wu Blockchain (@WuBlockchain) April 20, 2024
   </blockquote>
  </div>
 </figure>
 <p class="paragraph">This remarkable achievement highlights a pivotal shift in the compensation strategies for miners and raises crucial questions about the future dynamics of the network.</p>
 <p class="paragraph">Accompanying the surge in revenue, the Bitcoin hashrate also registered 625.40 EH/s at block height 840,207 with a difficulty level of 86.38T.&nbsp;</p>
 <h2 class="wp-block-heading" id="impact-of-runes-protocol-on-transaction-fees">Impact of Runes protocol on transaction fees</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="396" src="https://cdn.thebittimes.com/images/2024/04/21/e400864f8d59f9ea08f089faf807a2e3.webp" alt class="wp-image-170648" srcset="https://cdn.thebittimes.com/images/2024/04/21/e400864f8d59f9ea08f089faf807a2e3.webp 1024w, https://cdn.thebittimes.com/images/2024/04/21/e400864f8d59f9ea08f089faf807a2e3.webp 300w, https://cdn.thebittimes.com/images/2024/04/21/e400864f8d59f9ea08f089faf807a2e3.webp 768w, https://cdn.thebittimes.com/images/2024/04/21/e400864f8d59f9ea08f089faf807a2e3.webp 1536w, https://cdn.thebittimes.com/images/2024/04/21/e400864f8d59f9ea08f089faf807a2e3.webp 1588w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Mining pool distribution for the past 3 days. Source hashrateindex <br>
  </figcaption>
 </figure>
 <p class="paragraph">Prominent mining pools, including Foundry, Antpool, Viabtc, Poolin, and F2pool, have played essential roles in this financial windfall, particularly in securing blocks that carried hefty transaction fees. These fees saw a dramatic increase to $240 per transaction with the introduction of the Runes protocol, though they have since adjusted to a range of $35 to $75.</p>
 <p class="paragraph">This period also witnessed a record level of on-chain activity, with the number of transactions on the Bitcoin network reaching a new high of 991,029,144 transactions in a single week.&nbsp;</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="430" src="https://cdn.thebittimes.com/images/2024/04/21/7e7ae9208790b0be623638c50e9bd19c.webp" alt class="wp-image-170649" srcset="https://cdn.thebittimes.com/images/2024/04/21/7e7ae9208790b0be623638c50e9bd19c.webp 1024w, https://cdn.thebittimes.com/images/2024/04/21/7e7ae9208790b0be623638c50e9bd19c.webp 300w, https://cdn.thebittimes.com/images/2024/04/21/7e7ae9208790b0be623638c50e9bd19c.webp 768w, https://cdn.thebittimes.com/images/2024/04/21/7e7ae9208790b0be623638c50e9bd19c.webp 1382w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Number of Transactions. Source . Blockchain.com</em>
  </figcaption>
 </figure>
 <p class="paragraph">This uptick in activity explains the corresponding increases in miner revenue and hashrate. As the Runes token protocol kicked off with the 2024 halving, it sparked intense competition for block space, with participants striving to be the first to generate tokens</p>
 <h2 class="wp-block-heading" id="the-evolving-landscape-of-bitcoin-mining">The evolving landscape of Bitcoin mining</h2>
 <p class="paragraph">As the cryptocurrency sector adjusts to these new economic conditions, the impacts on network security, miner profitability, and Bitcoin fees will become clearer over time.&nbsp;</p>
 <p class="paragraph">The rising share of transaction fees in total block <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> is already spurring the development of second-layer solutions like the Lightning Network. This innovation aims to decrease costs and improve transaction speeds on the blockchain, addressing some of the scalability issues faced by the network as it continues to grow.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-miners-scooped-100-million-for-record-daily-revenue-tbt85938.html">https://thebittimes.com/bitcoin-miners-scooped-100-million-for-record-daily-revenue-tbt85938.html</a></p>

Bitcoin miners scooped $100 million for record daily revenue

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