Bitcoin mining operations reached unprecedented daily revenue levels immediately following the halving, dispelling concerns over their viability.
According to available data, miners collectively earned around $107 million from block rewards and transaction fees. This figure significantly surpasses the previous record of $77 million established in April 2021.
Why Bitcoin Miners’ Revenue Soared
The lion’s share of this earning, approximately 75% or $80 million, stemmed from transaction fees. The remaining $27 million originated from the block subsidy. Notably, miners earn compensation for validating transactions and solving blocks.
Data indicates that Runes’ introduction spurred a spike in Bitcoin network activity, leading to congestion and increased fees. A analytics reveals that Runes transactions accounted for 57% of all transactions, totaling over 12,200 BTC post-halving.
Despite the surge in transaction fees, experts note a decline in average fees compared to 2017 and 2018. Julio Moreno, CryptoQuant’s Head of Research, underscores this point, emphasizing that average transaction fees remain lower even amid heightened Rune activity than in previous years.
