2024

Bitcoin

April

Following the completion of the Bitcoin Halving event on April 20, 2024, it was observed that miner revenue significantly dropped by 50%. According to recent data from an on-chain analytic firm,Blockchain.com, the daily revenue of Bitcoin miners has dropped to $3 million. However, during the first 4 months of 2024, the average daily revenue was somewhere around $6 million. Record fall in miners’ daily revenue&nbsp; 
On April 20, 2024, <a href="https://news.todayq.com/decade-old-bitcoin-whale-wakes-up-brace-for-market-shake-up/" rel="noopener noreferrer nofollow">Bitcoin</a> completed its fourth halving, and mining Bitcoin also became more difficult. Following the completion of Bitcoin halving, miners received reduced mining rewards to 3.125 BTC from 6.25 BTC. One more thing that might be the major reason behind this massive revenue fall is the number of participants after the Halving event.
Initially, there was excitement surrounding the halving, coupled with the launch of Bitcoin Runes, which temporarily buoyed miners’ daily earnings. However, May 2024 saw a massive decline in revenue. On May 1, 2024, alone, the total earnings from block rewards and transaction fees hit a new low of $26.3 million. This is a sharp contrast to the approximately $6 million per day miners were earning on average before the halving, as per data from Blockchain.com.
The trend continued throughout May, signaling a new normal in Bitcoin mining revenue. Notably, mining revenue reached an all-time high of over $107 million on April 20 but has since plummeted. BTC price performance&nbsp; 
To remain profitable in this new landscape, miners have had to rethink their strategies. CryptoQuant CEO Ki Young Ju estimates that Bitcoin needs to maintain a value above $80,000 to sustain profitability post-halving. Many miners have proactively upgraded their equipment to reduce long-term operational costs and stay competitive.
Currently, Bitcoin is trading near the $64,000 level, and in the last 24 hours, it remained stable. However, intraday, Bitcoin’s price hit the $65,500 level. If we look at the performance of Bitcoin over a longer period, in the last 7 days, it experienced nearly 3% upside momentum. Whereas, in the last 30 days, due to market uncertainty, Bitcoin experienced over a 5% price drop.

Bitcoin miners hit with lowest revenue, BTC sell-off imminent?

Todayq News

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