March Bitcoin Miners’ Revenue Reaches $2 Billion, Setting an All-time High

March Bitcoin Miners' Revenue Reaches $2 Billion, Setting an All-time High

March Bitcoin Miners' Revenue Reaches $2 Billion, Setting an All-time High

According to a report by Unchained, as the Bitcoin halving event approaches, Bitcoin miners are experiencing their highest monthly income. However, miners may be preparing for a reduction in profits and operating in a more challenging economic environment.

Data from The Block shows that Bitcoin miners earned a total income of $2.01 billion in March, surpassing the record set in May 2021. Of this, $85.81 million came from transaction fees, and $1.93 billion came from block subsidies.

Source:
The Block

Last month, the most Bitcoin blocks were mined by the US-based mining pool Foundry, totaling 1,300 blocks and accounting for 29.4% of the total blocks mined that month. The second highest was AntPool, which mined 997 blocks, accounting for 22.41% of the total blocks mined.

After the Bitcoin mining reward halves, from 6.25 BTC to 3.125 BTC, miners’ profitability may decrease by half unless the Bitcoin price significantly rises.

Based on the development trajectory of past market cycles, the Bitcoin price usually rises several weeks after the halving occurs. International law firm Holland & Knight points out that financially strained miners may start to face pressure, and the industry may see some strategic mergers between mining companies.

Related reports: “21Shares Report: What’s Different About the Fourth Bitcoin Halving?”, “Bitcoin Halving Leads to Massive Exodus of Old Mining Machines from the US, Primarily to Africa and South America,” “Cantor Fitzgerald Report: 11 Publicly Listed Mining Companies May Struggle to Profit from Mining Business After Bitcoin Halving.”