Bitcoin miners' revenue hits all-time high amid high fees and the launch of Runes
On April 20, 2024, the daily income of bitcoin miners hit a historic high of $107.76 million, according to YCharts. This happened against the backdrop of high network fees associated with the launch of the Runes protocol.
As a reminder, on April 20, the bitcoin network experienced a halving. At the same time, the Runes protocol was released, which is positioned by its developer, Casey Rodarmore, as an analog of Ordinals.
The new standard caused a surge of activity on the network, which, in turn, led to an increase in the average transaction fee. Immediately after the halving, it ranged from $91 to $112 or more.
Commissions are one of the sources of income for bitcoin miners. As a result, the revenues of these counterparties did not decrease after the halving, as expected, but increased.
On April 20, miners' daily income reached $107.76 million. This is the first time that the figure has reached such a high value. The previous high was recorded in April 2021.
A crypto trader under the pseudonym 300DollarMARA drew attention to the situation. According to his data, miners' income per block remains at the level before the halving, despite the fact that the reward has decreased to 3,125 BTC
It is worth noting that at the time of writing, the average transaction fee on the bitcoin network has dropped to $34.8. This is a significant decrease, but it is still higher than before halving.