The income of Bitcoin miners reached 107 million dollars post-half
Bitcoin mining operations have reached unprecedented levels of daily earnings following the halving, dispelling concerns over their viability.
According to available data, miners collectively earned about $107 million from rewards and transaction fees. This figure far surpasses the previous record of $77 million set in April 2021.
Why the income of Bitcoin miners increased
The lion's share of this revenue is 75% or nearly $80 million in transaction fees. The remaining $27 million came from block grants. Specifically, Bitcoin miners are compensated for confirming transactions and solving blocks.
When we examine the top 10 most expensive blocks of Bitcoin in terms of US dollar value, a striking trend emerges – most of them were mined after mining. The first half ban alone blocked $2.6 million in payouts and awards, nearly the highest. Subsequent blocks boasted values ranging from $1.3 million to $2 million.
“The first 77 blocks generated $75 million in mining revenue. For reference, the last 77 blocks of Season 4 yielded just $35 million. half of it? As doubles, said Baylor Landing, Scientific Director of Bitcoin Miner Core.
Read more: What are mining algorithms and what services do they provide?
The increase in revenue can be attributed to the high activity of the newly launched Runes Protocol. This protocol introduces meme coins to the Bitcoin blockchain and differs from the BRC-20 token standard by using a UTXO model. It facilitates the creation of altcoin through the “etching” process directly on the network.
According to the data, the introduction of Runes caused a significant increase in the activity of the Bitcoin network, resulting in congestion and additional fees. Dune's analysis shows that Runes transactions account for 57% of all transactions, totaling more than 12,200 BTC in post-halving value.
Despite the increase in transaction fees, experts have seen a decrease in average fees compared to 2017 and 2018. Julio Moreno, Head of CryptoQuant Research, emphasizes this point, stressing that the average transaction fees remain low even in Rune activity, which has risen more than in previous years.
Disclaimer
Adhering to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news report aims to provide accurate and up-to-date information. However, readers are advised to independently verify facts and consult with experts before making any decisions based on this content. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
