Bitcoin mining revenue surpassed $100 million for the first time, reaching an all-time high on the day of the Bitcoin halving in 2024. On April 20, miners earned $107.7 million in rewards and fees as users willingly paid high fees to ensure their transactions were included in the 840,000th Bitcoin block.
Investors looking to be a part of Bitcoin’s history spent 37.7 BTC (equivalent to $2.4 million) in fees alone to secure their spot on the limited space of the Bitcoin block during the fourth halving event. This block consisted of 3,050 transactions, meaning the average user paid around $800.
The surge in fees was driven by the competition to inscribe rare satoshis on the halving block. A significant portion of this activity came from the launch of Casey Rodarmor’s Runes Protocol, which coincided with the halving.
Previously, the highest revenue for Bitcoin miners was $78.7 million on March 11, when the price of Bitcoin reached a new high of $71,415. However, the increase in revenue was directly linked to Bitcoin’s market price, as miners receive BTC as a reward for confirming transactions.
The halving event on April 20 reduced mining rewards by half, bringing them down to 3.125 BTC per block until the next halving further reduces them.
Following the hype surrounding the halving, average fees on Bitcoin sharply declined just a day after reaching a record average of $128 on April 20. As of April 21, the average transaction fees for medium-priority transactions have fallen to $8-$10, according to mempool.space.
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