Bitcoin Miners Score Record Monthly Revenues At Over $2 Billion
Miners experienced one last record-breaking month of revenues before the halving, which will substantially cut their gains going forward.
The Bitcoin mining industry had its most lucrative month ever in March, pocketing over $2 billion for securing the leading crypto network.
Data from Blockchain.com shows that miners, in aggregate, averaged $65.23 million per day over the 30 days ending March 31.
Miners In Massive Profit
The latest figure shatters the 30-day averages of the previous two months, which were just $48.31 million as of February 29, and $43.29 million as of January 31.
Miner revenues are almost entirely dependent on Bitcoin’s market price, since the number of newly mined coins remains mostly the same at any given time, irrespective of demand. Throughout March, Bitcoin consistently traded above $60,000 USD, topping an all-time high of over $73,000 on March 13.
The vast majority of miner rewards – $1.93 billion – came from Bitcoin’s “block subsidy”, which is the fixed reward of 6.25 BTC attached to each Bitcoin block. Another $85 million was generated through transaction fees, which can fluctuate wildly month over month based on network demand.
