Key Takeaways
- Bitcoin mining revenue reached a record high of $2 billion in March 2024.
- This revenue comprised $85 million from transaction fees and $1.93 billion from the block subsidy.
- The upcoming halving will halve the block subsidy, potentially reducing miner revenue if the Bitcoin fiat price does not increase.
Bitcoin mining businesses generated their highest-ever monthly revenue in March, raking in over $2 billion in block rewards and transaction fees.
This shatters the previous record of $1.74 billion set back in May 2021.
Revenue breakdown and halving impact
Of the $2 billion earned last month, around $85 million came from transaction fees, while $1.93 billion was from the block subsidy.
The upcoming halving event in April will cut the block subsidy from 6.25 bitcoins to 3.125 bitcoins, potentially halving miner revenue from new bitcoin creation unless there is a significant price rise.
Bitcoin miners faced an increasingly competitive environment in March, with major amounts of hash rate joining the network and record difficulty.
