Bitcoin Miners' Earnings Drop to Lowest Since June 2021, Despite Recent Recovery
On May 3, 2024, the daily income of Bitcoin miners significantly decreased to 437.28 BTC, equivalent to $28.4 million, marking the lowest earnings since late June 2021 when it fell to 388.6 BTC, according to data from Glassnode.
As of May 5, 2024, there was a slight recovery in miners' daily earnings, rising to 558.6 BTC. However, this figure remains substantially lower than the pre-halving levels, which often exceeded 1000 BTC. Differing from Glassnode, Blockchain.com presents its data in dollar terms, indicating a similar downtrend but pointing to a different minimum in August 2023, which can be attributed to fluctuations in the asset's price.
It's important to recall that on April 20, 2024, the Bitcoin network underwent a halving event, reducing the reward for mining each block to 3.125 BTC. Despite this reduction, miners' income remained at a relatively high level for some time, even reaching a historical peak on the day of the halving.
This surge was primarily driven by increased transaction fees within the Bitcoin network following the launch of the Runes protocol. However, as fees later decreased, miners' incomes also dropped significantly. According to data from BitInfoCharts, by May 5, 2024, the income had decreased to just $12.6, a stark contrast to the figures immediately following the halving, which were consistently above $100.
