Bitcoin Mining Revenue Hits Historic $100M on Halving Day 2024 Amid Fee Frenzy
Summary:
Bitcoin mining revenues reached a historic high of over $100 million on Bitcoin Halving Day, 2024. Eager investors paid hefty fees to have transactions included in the significant 840,000th Bitcoin block, leading up to the fourth halving event. The record-breaking fees were due to a rush to engrave unique satoshis on the halving block, coinciding with the launch of Casey Rodarmor's new Runes Protocol. However, with the declining hype around Bitcoin halving, average transaction costs significantly dropped the next day.
Bitcoin (BTC) mining revenues surpassed the $100 million milestone for the first time, achieving an unprecedented daily income on Bitcoin Halving Day 2024. Miners of Bitcoin amassed $107.7 million in mining incentives and transaction charges on April 20 as members of the network readily coughed up significant fees to have their transactions logged in Bitcoin's 840,000th block. The total worth of block rewards and transaction fees doled out to miners in dollars stems from blockchain.com data.
Investors eager to play a role in Bitcoin's historical moments shelled out 37.7 BTC (equivalent to $2.4 million) in fees to secure a piece of the valuable real estate on the Bitcoin block, igniting the fourth halving occurrence. The block contained 3,050 transactions, meaning an average transaction cost just below $800.
Participants paid out $2.4 million in charges to engrave unique satoshis and runes on the inaugural halving block, as revealed by Mempool.space data. The remarkable fee record was linked to the rush to embed unique satoshis on the halving block. The launch of Casey Rodarmor's novel Runes Protocol, the creator of Bitcoin Ordinals, coincided with the halving and played a significant role in generating this activity.
Bitcoin miners' previous top revenue of $78.7 million was recorded on March 11, when Bitcoin's value reached a new peak of $71,415. Notably, the upswing in earnings directly paralleled Bitcoin's market rate, as miners earn in BTC as a reward for verifying blockchain transactions.
The April 20 Bitcoin halving event cut mining rewards by 50% for the fourth time, lowering them to 3.125 BTC per mined block until the next halving event further reduces them. The average Bitcoin fees have since plummeted sharply as the excitement around the Bitcoin halving fades, falling to a record average of $128 on April 20.
According to data from Y Charts, the daily average transaction fee on Bitcoin for the past five years has shown a significant decrease. As of April 21, Bitcoin transaction costs have tumbled to an average of $8-10 for transactions of medium priority, as per mempool.space.
Published At
4/22/2024 11:01:14 AM
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