Bitcoin mining operations reached unprecedented daily revenue levels shortly after the halving, dispelling concerns about its viability.
According to available data, miners earned a total of about $107 million from block rewards and transaction fees. This number significantly exceeds the previous record of $77 million, set in April 2021.
Why Bitcoin miners' income has skyrocketed
The bulk of this revenue, approximately 75% or $80 million, comes from trading fees. The rest of his $27 million came from block grants. In particular, Bitcoin miners earn rewards for validating transactions and resolving blocks.
A noticeable trend appears in inspect Top 10 most valuable blocks of Bitcoin in terms of USD value – the majority were mined after the halving. In the first half block alone, he collected $2.6 million in fees and block rewards, almost securing him the top spot. Subsequent blocks boasted values ranging from $1.3 million to $2 million.
“The first 77 blocks of epoch 5 generated $75 million in miner revenue. For reference, the last 77 blocks of epoch 4 generated only $35 million. Halving? More like a doubling ” said Baylor Landing, director of Bitcoin miner Core Scientific. Said.
Read more: What are mining algorithms and what is their purpose?
The surge in revenue can be attributed to the increased minting activity of the newly launched Runes protocol. This protocol introduces meme coins to the Bitcoin blockchain and deviates from his BRC-20 token standard, which uses the Unspent Transaction Output (UTXO) model. Facilitates the creation of altcoins through an “etching” process directly on the network.
Data shows that the introduction of Runes caused a spike in Bitcoin network activity, leading to congestion and increased fees. Dune's analysis revealed that Rune transactions accounted for 57% of all transactions, totaling over 12,200 BTC after the halving.
Despite the rise in transaction fees, experts note that average fees have decreased compared to 2017 and 2018. Julio Moreno, head of research at CryptoQuant, emphasizes this point. emphasize We can see that even though rune activity is higher than usual, average transaction fees remain low.
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