Bitcoin Mining Revenue Surpasses $100 Million Milestone, Sets Daily Earnings Record on Bitcoin Halving Day 2024
Bitcoin mining revenue surpassed $100 million for the first time, reaching an all-time high in daily earnings on Bitcoin halving day in 2024.
On April 20, Bitcoin miners earned a total of $107.7 million in mining rewards and transaction fees as users willingly paid high fees to ensure their transactions were included in the 840,000th Bitcoin block.
Investors seeking to be part of Bitcoin’s history paid 37.7 BTC (equivalent to $2.4 million) in fees alone to secure their spot on the limited space available on the Bitcoin block, which triggered the fourth halving event. The block consisted of 3,050 transactions, with the average user paying just under $800.
These record-breaking fees were a result of the rush to engrave and immortalize rare satoshis on the halving block. Much of this activity was driven by the excitement surrounding Casey Rodarmor’s new Runes Protocol, which coincided with the halving.
Previously, the highest revenue earned by Bitcoin miners was $78.7 million on March 11, when the price of Bitcoin reached a new high of $71,415. This increase in revenue was directly linked to the market price of Bitcoin, as miners receive BTC as a reward for confirming transactions on the blockchain.
The April 20 Bitcoin halving event reduced mining rewards by half for the fourth time, bringing them down to 3.125 BTC for each mined block until the next halving further reduces them.
In line with the declining hype around Bitcoin halving, the average fees paid on Bitcoin have sharply dropped just a day after reaching a record average of $128 on April 20.
As of April 21, the average transaction fees on Bitcoin have fallen to $8-$10 for medium-priority transactions, according to mempool.space.