Impact of Bitcoin’s (BTC) Market Fluctuations Begins to Affect Miners

• Bitcoin miners’ revenue per TH/s has dropped to all-time lows.
• According to The Block data, the 7-day moving average of the revenue Bitcoin miners earn per TH/s has dropped to $0.048.
• The total hash rate on the network also fell slightly to 600 EH/s after the halving, but this rate is still quite high compared to previous years.

Bitcoin miners are experiencing all-time lows in their earnings per TH/s, following a significant drop in the total hash rate on the network post-halving.

Halving Results in Block Reward Reduction

Following the halving on April 20, block rewards were cut from 6.25 BTC to 3.125 BTC. Miners did not feel the impact of this halving in the first few days. The primary reason for this was the interest shown in the Runes protocol. On April 23, approximately 800,000 transactions were made with Runes, and the average transaction fee on the network rose to $40. Miners’ income increased as more than $80 million in transaction fees were paid the day after the halving.

Return to Normalcy as Transaction Numbers Drop

With the number of transactions on the Runes protocol falling below 350,000, the average transaction fees on the network returned to normal, falling below $10. The revenue per TH/s for miners could rise if the Bitcoin price increases. However, if the number of miners on the blockchain does not decrease, they may need to adapt to this new era.

Conclusion

The recent Bitcoin halving has led to a significant decrease in miners’ earnings per TH/s, reaching all-time lows. Despite an initial boost from the Runes protocol, the return to normal transaction numbers has seen revenues drop. Miners will need to adapt to these changes, particularly if the number of miners on the blockchain does not decrease.