On the day of the Bitcoin halving in 2024, revenue from Bitcoin BTC mining surpassed $100 million for the first time, setting a record for daily earnings.
On April 20, members of the Bitcoin community voluntarily paid astronomical costs to have their transactions included in the 840,000th block of the cryptocurrency, earning miners a total of $107.7 million in mining incentives and transaction fees.
The fourth halving event was sparked by investors who wanted to be a part of Bitcoin’s history and paid fees totaling 37.7 BTC, or $2.4 million. This allowed them to claim their portion of the limited space on the Bitcoin block. With 3,050 transactions in the block, the average user made a payment of just under $800.
The scramble to etch and inscribe rare satoshis on the halving block was blamed for the record-breaking costs. The new Runes Protocol, developed by Casey Rodarmor, the author of Bitcoin Ordinals, was the main source of the flurry of activity, as it launched simultaneously with the halving.
Prior to March 11, when the price of Bitcoin broke a new high of $71,415, the miners’ total revenue was $78.7 million. However, because miners receive payment in Bitcoin (BTC) for validating transactions on the blockchain, the increase in revenue was directly tied to the price of the cryptocurrency.
For the fourth time, mining incentives were cut in half by the Bitcoin halving event on April 20, falling to 3.125 BTC for each block mined until the next one.
The average fees paid on Bitcoin have dropped significantly just one day after hitting a record average of $128 on April 20 due to waning excitement surrounding the halving of the cryptocurrency.
The average cost of a Bitcoin transaction as of April 21 is between $8 and $10 for medium-priority transactions.
April 2024, Cryptoniteuae
