Unprecedented Increase in Miner Revenue After Bitcoin Halving
After the recent Bitcoin halving event, miners experienced a significant surge in daily revenue, reaching a record high of over $100 million. This surge was primarily driven by a substantial increase in transaction fees, amounting to $80 million or 1,252 Bitcoin – representing 75% of the total miner revenue for that day.
- Bitcoin issuance per block halved to 3.125 Bitcoin
- Only 450 new Bitcoins issued per day on average post-halving
- Record daily revenue spike to $100 million on halving day
Impact of Bitcoin Halving on Daily Mining Revenue
The initial spike in daily mining revenue to $100 million on the day of the halving has since declined to around $50 million. This decline represents a 35% decrease from the record-high revenues of about $78 million before the halving.
- Despite lower Bitcoin issuance, miner revenue increased
- Spiked Bitcoin transaction fees on halving day
- Fees have normalized post-halving to pre-halving levels
Network Hashrate and Miner Revenues Post-Halving
While it is still too early to determine the long-term effects of the halving on the network hashrate, miners have continued operating at a similar rate as before the halving. The total network hashrate has either remained flat or slightly increased at a rate of 617 EH/s.
- No significant impact observed on network hashrate post-halving
- Hashrate indicates cryptocurrency popularity and mining competition
- Decrease in hashprice to $0.07 per TH/s after halving
Bitcoin’s Price Surge Pre-Halving
Leading up to the 2024 halving, Bitcoin’s price witnessed a remarkable surge, with a 52% increase since the beginning of the year and a 134% rise over the past twelve months. The cryptocurrency reached a peak price of $73,605 on March 13, 2024, marking a new all-time high.
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