Bitcoin Miners Accumulate 1,087.99 Bitcoins Valued at $71.04 Million in Transaction Fees Since Halving
The introduction of the Runes protocol has proven to be highly beneficial for Bitcoin miners, allowing them to take advantage of the increased fee environment. Although fees reached a peak of $240 on Friday, they have now stabilized within the range of $35 to $75 per transaction, as observed between 1 p.m. and 2 p.m. EDT on Saturday.
Since the halving, miners have successfully extracted 93 blocks, accumulating a significant 1,087.99 bitcoins valued at approximately $71.04 million solely from transaction fees. With the current block subsidy set at 3.125 BTC per block, miners have gathered 290.625 BTC, worth $18.9 million at present exchange rates, over the course of these 93 blocks. Notably, revenue from fees has tripled, with miners amassing 1,087.99 BTC, valued at $71.04 million during this same period.
Viabtc and Antpool have emerged as the most fortunate, discovering blocks containing over 25 BTC in fees. The earliest instance was block 840,000 with 37.625 BTC in fees, followed by block 840,005 from Antpool with 29.82 BTC. In total, seven blocks, including ‘840,018,’ ‘840,014,’ ‘840,013,’ ‘840,006,’ ‘840,005,’ ‘840,004,’ and the halving block, had over 20 BTC in fees.
Foundry, Antpool, Viabtc, Poolin, and F2pool were the most successful pools in securing blocks with over 20 BTC in fees. These recent developments in bitcoin mining profitability underscore the dynamic interplay between market dynamics and technological advancements such as Runes.
With transaction fees fluctuating and new protocols impacting mining economics, the environment remains unpredictable. The shifting pattern of block rewards and fees continuously shapes the economic landscape of the bitcoin mining sector, indicating an industry that is constantly evolving.
What are your thoughts on the current fee landscape for miners? Do you anticipate a decrease in elevated fees? Share your opinions and insights in the comments section below.
