Bitcoin Miners Log Second Highest Monthly Revenue in April, Despite Falling Hash Value

In April, bitcoin miners amassed the second-highest monthly revenue of the past year, following the unprecedented earnings in March. In total, they collected $1.79 billion, which, although $220 million less than the previous month, still exceeded the revenues of December 2023, which totaled $1.56 billion.

Bitcoin Miners Recorded Strong Revenue Last Month

On May 1, 2024, Bitcoin’s hashprice significantly decreased to approximately $44.97 per petahash, a sharp decline from $50 just two days prior. The hashprice represents the expected daily earnings from 1 petahash per second (PH/s) of mining power. Despite the downturn in hashprice, April’s revenue remained strong, marking the second-highest in the last 12 months.

Data from theblock.co’s crypto metrics indicate that during April, miners earned $1.79 billion from block rewards, with $281.47 million of this sum stemming from onchain fees. March still holds the record for the highest earnings over the same period, where miners garnered $2.01 billion, although onchain fees were considerably lower at $85.81 million.

12-month statistics show December 2023 as the third highest revenue-generating month for BTC miners, bringing in $1.56 billion, of which $337.32 million was derived from onchain fees. Moreover, both March and April of 2024 surpassed revenue records set during the 2017 and 2021 bull markets. Despite the current low fee environment and a 13% drop in BTC’s price over the last week, the outlook for May’s BTC revenues appears less promising.

What do you think about the record revenues bitcoin miners secured in April? Share your thoughts and opinions about this subject in the comments section below.

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