Bitcoin miners achieved impressive revenue figures in April, coming in second only to the unprecedented earnings they experienced in March. Throughout the month, they managed to accumulate a total of $1.79 billion. Although this falls $220 million short of the previous month’s earnings, it still surpasses the revenues recorded in December 2023, which amounted to $1.56 billion.
On May 1, 2024, the hashprice of Bitcoin saw a significant decline to approximately $44.97 per petahash, marking a sharp decrease from its value of $50 just two days earlier. The hashprice represents the projected daily earnings from 1 petahash per second (PH/s) of mining power. Despite this downturn, the revenue for April remained strong, ranking as the second-highest over the past year.
According to data provided by theblock.co’s crypto metrics, miners earned $1.79 billion from block rewards in April, with $281.47 million of this amount coming from onchain fees. The record for the highest earnings within the same timeframe still remains with March, during which miners accumulated $2.01 billion. However, the onchain fees for March were significantly lower at $85.81 million.
When considering the past 12 months, December 2023 emerges as the third highest revenue-generating month for Bitcoin miners, bringing in $1.56 billion. Out of this sum, $337.32 million was derived from onchain fees. Furthermore, both March and April of 2024 surpassed the revenue records set during the bullish markets of 2017 and 2021. Despite the current environment of low fees and a 13% decline in Bitcoin’s price over the past week, the outlook for May’s Bitcoin revenues appears less promising.
What are your thoughts on the record-breaking revenues that Bitcoin miners achieved in April? We would love to hear your opinions and insights on this topic in the comments section below.
