Bitcoin miners earned record $2b before halving

Bitcoin miners earned over $2 billion in March, reaching a new all-time high.

According to The Block analytics, the previous all-time high was reached in May 2021, when miners’ total income amounted to $1.7 billion.

Miners’ earnings consist of rewards for mined blocks and transaction fees on the Bitcoin network. Of the total revenue in March, $85.8 million came from transaction fees, a record monthly figure.

The leader was the mining pool Foundry USA, which mined 1,312 blocks, 29.74% of the total blocks in the network. Antpool, with 989 blocks, was second, followed by Viabtc, F2pool, and Binance Pool.

However, with the planned reduction in the block reward from 6.25 BTC to 3.125 BTC in April, the daily volume of commissions returned to around $2 million. The indicator did not show noticeable dynamics in the first days of the month.

Meanwhile, Galaxy Digital experts estimate that approximately 15%- 20% of the total computing power of the Bitcoin network will be unprofitable after the halving. According to the study, miners will turn off some installations in the face of halving the reward, leaving only the most efficient equipment in operation.

In addition, experts have admitted a post-halving outflow of outdated Bitcoin mining equipment from the United States to regions with lower energy tariffs, such as Africa.

Buyers are also waiting to complete the halving to purchase mining equipment at lower prices. In March 2022, used S19s cost approximately $7,000 and are now valued at $427.