Bitcoin miners' revenue skyrocketed to a record $107 million after Halving

Bitcoin miners have reached a new milestone in terms of revenue generated from validating transactions, shortly after the 2024 halving event . Colin Wu Media called attention to this development in a recent post on X.

According to statistics from Blockchain Explorer, the revenue of Bitcoin miners reached $107.7 million on April 20. Up to 75.44% of the reported revenue came from network transaction fees. Notably, the revenue generated and network transactions on April 20 were unprecedented numbers.

It is worth mentioning that on April 19, the valuation of Bitcoin miners was about 71 million USD. While miners' revenue mirrored the path of Bitcoin's price over the past few months, the new record high revenue of $107.7 million broke this pattern.

Meanwhile, Colin Wu emphasized that the new record was influenced by mining activity of the newly launched Rune protocol. Notably, the Runes protocol started with the Bitcoin halving event on April 19. It brought a surge of new tokens and ushered in a new era for the Bitcoin network.

The first version of the Bitcoin network, the Ordinals protocol, launched in December 2022. It allows users to integrate diverse content such as images, sounds, and code files into the Bitcoin blockchain.

Now, following Ordinals' victory, developer Casey Rodarmor has introduced the concept of a Runes token protocol. This protocol seeks to streamline the creation of fungible tokens on the Bitcoin network.

When the Runes token protocol kicked off with its 2024 halving event, it sparked fierce competition for block space, with participants striving to be the first to create a token. This mining activity helped Bitcoin miners generate a record high single-day revenue of $106.7 million on April 20.