Bitcoin Miners Report Strong April Revenue Despite Hash Rate Decline
Bitcoin miners saw their second-highest monthly revenue in April, amounting to $1.79 billion, following the unprecedented earnings of March.
Despite a $220 million decrease from the previous month, this figure surpassed the revenues of December 2023 at $1.56 billion. On May 1, 2024, Bitcoin’s hashprice dropped significantly to about $44.97 per petahash from $50 just two days earlier. The hashprice reflects the expected daily earnings from 1 petahash per second (PH/s) of mining power. Even with this decline, April’s revenue remained robust, marking the second-highest in the past year. Data from theblock.co’s crypto metrics show that miners earned $281.47 million from on-chain fees out of the total $1.79 billion in block rewards. March still holds the record for the highest earnings, with miners making $2.01 billion, although on-chain fees were lower at $85.81 million.
Interestingly, both March and April 2024 surpassed revenue records from the 2017 and 2021 bull markets. Despite a 13% drop in BTC’s price over the last week and a generally low fee environment, the outlook for May’s BTC revenues appears less optimistic.
Clever Robot News Desk 2nd May 2024
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