- Bitcoin miners’ revenue has significantly decreased after the recent halving event.
- According to Blockchain.com data, Bitcoin miners made a total of $26 million from block rewards and transaction fees on May 1st, marking the lowest revenue day of 2024.
- Many mining companies updated their devices before the halving to prepare for the new era and operate efficiently in the long term.
Following the recent Bitcoin halving, miners are seeing a significant decrease in revenue. Despite efforts to prepare for this new era, the impact is evident in the lowest revenue day of 2024.
Bitcoin Miners’ Revenue Plummets Post-Halving
After the Bitcoin halving event on April 20th, block rewards dropped from 6.25 BTC to 3.125 BTC. Miners initially didn’t feel the effects of the halving due to the interest shown in the Runes protocol, which increased transaction fees. However, the decline in daily revenues indicates the onset of the post-halving period.
Preparations for the Halving
Prior to the halving, many mining companies updated their devices in an attempt to prepare for the new era and ensure long-term efficiency. Despite these efforts, the decrease in daily total revenue for Bitcoin miners, which peaked at $107 million on April 20th, indicates the challenges faced in the post-halving period.
Future Outlook for Bitcoin Mining
CryptoQuant CEO Ki Young Ju has suggested that miners using Bitmain’s S19 XP model will see their unit cost rise to $80,000. This prediction further underscores the financial challenges Bitcoin miners are likely to face in the wake of the halving.
Conclusion
The recent Bitcoin halving has led to a significant decrease in miners’ revenue, despite preparations made to mitigate its impact. As the industry adjusts to this new era, miners will need to find ways to maintain profitability amidst these challenges.
