For the initial time, over $100 million in income was generated from Bitcoin (BTC) mining in a single day, setting a new record on the day of the Bitcoin halving in 2024.
On April 20, a combined sum of $107.7 million was earned by Bitcoin miners from rewards and transaction fees. This wealth was generated due to users paying high fees to ensure their transactions were included in the 840,000th block of the Bitcoin network.
For those eager to be a part of Bitcoin’s past and secure a spot in its limited blockchain, investors shelled out approximately 37.7 BTC, equivalent to around $2.4 million, solely on transaction fees. This significant expense marked the initiation of Bitcoin’s fourth halving event. The block featured 3,050 individual transactions, translating to an average cost per user of nearly $800.
The extraordinary fees setting new records could be explained by the intense competition to permanently mark and engrave precious satoshis onto the block during the Bitcoin halving event. A significant portion of this activity originated from the bustling Runes Protocol created by Bitcoin Ordinals innovator Casey Rodarmor, which debuted simultaneously with the halving.
An earlier record-breaking income of $78.7 million for Bitcoin miners was reached on March 11, coinciding with Bitcoin’s new price peak at $71,415. The surge in earnings was linked to Bitcoin’s market value since miners receive Bitcoins as remuneration for validating transactions on the blockchain.
The Bitcoin reward for mining a new block was reduced by half during the halving event on April 20, now yielding 3.125 BTC per block instead of the previous amount. This decrease will continue until the next halving occurs and further lowers the rewards.
The drop in excitement surrounding Bitcoin’s halving event has led to a significant decrease in average transaction fees, which had peaked at a record high of $128 the previous day.
According to mempool.space, the average fee for a priority Bitcoin transaction was around $8-$10 as of April 21st.
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2024-04-22 11:10