Bitcoin miners have seen a significant decline in their earnings since the halving event, with the high fees they previously enjoyed now gone. Before the halving, miners were earning over $100 per petahash per day, but now the hashprice has dropped to $51.66 per petahash. This decrease in revenue is equivalent to a drastic 50% off clearance sale.
Some miners were able to benefit from the initial high fees after block height 840,000, which provided them with a financial buffer to withstand the current downturn. However, those who did not benefit from these fees may face tougher challenges ahead.
Despite the decline in earnings, the post-halving buffer has helped maintain a strong hashrate, although there has been a slight decrease. The hashrate remains above the 630 exahash per second (EH/s) mark. The average reward per block has also decreased, with miners earning 3.83 BTC per block in certain blocks, but this figure has fallen in subsequent blocks. The average reward between blocks 841,057 and 841,157 was 3.56 BTC, including newly minted coins and fees.
In terms of financial runway, BTC miners hit a record in March, accumulating over $2 billion in revenue, including $85 million from onchain fees. April’s figures are also strong, with revenues at $1.67 billion and $269 million from onchain fees. However, with the potential decline in Bitcoin’s price, miners may face increasing financial pressures. If prices fall below $55,000, revenue could weaken further in an already fragile market.
What are your thoughts on the mining revenue losses experienced by miners? Feel free to share your opinions in the comments section below.
