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Bitcoin Miner Revenue Soars to Record-breaking $107M Post-Halving

Published 21/04/2024, 12:46
Bitcoin Miner Revenue Soars to Record-breaking $107M Post-Halving

Coin Edition -

  • Bitcoin miners hit a record-breaking revenue of $107 million on April 20, the second day of halving.
  • Up to 75.44% of the revenue came from Bitcoin network transaction fees.
  • Mining activities of the newly launched Rune protocol influenced the record-high revenue.

Bitcoin miners have attained a new milestone regarding revenue generated from validating transactions, coming just after the 2024 halving. Colin Wu’s media called attention to this development in a recent post in X.

According to statistics from Blockchain Explorer, Bitcoin miners’ revenue clocked $107.7 million on April 20. Up to 75.44% of the revenue reportedly came from network transaction fees. Notably, the generated revenue and the network transactions of April 20 were unprecedented figures.

Chart of Bitcoin Miner’s revenue | Blockchain Explorer

It is worth mentioning that on April 19, Bitcoin miners’ review was approximately $71 million. While miners’ revenue mirrored the path of Bitcoin’s price in the last few months, the new record high revenue of $107.7 million broke out of the pattern.

Meanwhile, Colin Wu highlighted that the new record was influenced by the mining activities of the newly launched Rune protocol. Notably, the Runes protocol commenced alongside Bitcoin’s halving on April 19. It brings to life a surge of fresh tokens and inaugurates a new era for the Bitcoin network.

The first iteration of the Bitcoin network, the Ordinals protocol, debuted in December 2022. It enabled users to integrate diverse content such as images, audio, and code files onto the Bitcoin blockchain.

Now, following Ordinals’ triumph, developer Casey Rodarmor introduced the concept of the Runes token protocol. This protocol seeks to streamline the generation of fungible tokens on the Bitcoin network.

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. This mining activity led to Bitcoin miners generating a record-high one-day revenue of $106.7 million on April 20.

The post Bitcoin Miner Revenue Soars to Record-breaking $107M Post-Halving appeared first on Coin Edition.

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