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Bitcoin Mining

Bitcoin Miners Enjoy 2nd Highest Daily Revenue Ever

Keshav Verma
by Keshav Verma
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On-chain data shows the Bitcoin miners have just witnessed their second highest revenue day in the entire history of the cryptocurrency.

Bitcoin Miners Just Raked In Almost $76 Million In Total Revenue

As pointed out by CryptoQuant head of research Julio Moreno in a new post on X, the BTC miners have recently seen daily total revenues close to the all-time record.

The “daily revenue” here refers to a measure of the combined income that the Bitcoin miners are making from block rewards and transaction fees (both in USD) every day.

Related Reading: $1 Billion In Crypto Futures Rekt After Bitcoin Rollercoaster

The block rewards are what miners receive as compensation for solving blocks on the network, while the transaction fee is what they get for handling individual transactions.

Now, here is a chart that shows the trend in the daily revenue for the Bitcoin miners over the past few years:

Bitcoin Miner Revenue

The value of the metric appears to have registered a spike in recent days | Source: @jjcmoreno on X

As displayed in the above graph, the Bitcoin miner revenue has observed a huge spike recently. During this rise, the miners earned $75.9 million inside a 24-hour window.

This wasn’t too far off from the $77.3 million all-time high of the metric set back in April 2021. In fact, this latest spike was greater than any spike observed in the entire history of the cryptocurrency, except for this record itself.

Now, what’s the reason behind this sharp surge in the Bitcoin miner revenue? One look at the chart makes it clear that the BTC rally to an all-time high would have been the main driver.

The effect of the rally, however, differs between the two components of the total miner revenue. For the block rewards, any increase in the price has a linear effect, as the USD value of these rewards also goes up alongside it.

Given that Bitcoin has sharply risen recently, it’s not unexpected that the block rewards would have also shot up in value. For the transaction fees, though, the relationship isn’t so simple.

The total fees is dependent on the amount of traffic that the blockchain is receiving currently. Traffic does tend to rise during rallies, as more interest is driven to the cryptocurrency, thus raising the network fees.

But it’s not always clearcut how much activity the blockchain would light up with when a rally happens. On top of that, there are other, and often stronger, factors that can drive the transaction fees, like demand for a network application like the Inscriptions.

The transaction fees has notably risen with the latest rally, but the absolute value hasn’t been too high, according to data from YCharts.

Bitcoin Transaction Fees

The data for the total BTC transaction fees over the past three months | Source: YCharts

On the day of the recent revenue spike, the transaction fees stood at almost $7 million. Clearly, though, this was only just over 10% of the total revenue. Thus, the block rewards have been the main driver behind the recent increase in the Bitcoin miner revenue.

Related Reading: Sleeping Bitcoin Giant Awakens: Whale Moves 1,000 BTC After 10 Years Slumber

While miners are enjoying high revenues right now, the next halving, an event where their block rewards will permanently be slashed in half, is scheduled to take place next month.

With current revenues being block-reward-heavy, Bitcoin miners may soon face a sharp drop in their incomes, unless the price can continue its sharp trajectory to make up for it, or somehow, the transaction fees can shoot up to close the gap.

BTC Price

At the time of writing, Bitcoin is trading at around $67,100, up 7% in the past week.

Bitcoin Price Chart

Looks like the price of the asset has seen a sharp uptrend over the past month | Source: BTCUSD on TradingView
Featured image from Brian Wangenheim on Unsplash.com, YCharts.com, CryptoQuant.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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