Bitcoin miners earned a record $2 billion in March

In March, 180 projects raised $1,16 billion

03.04.2024 - 08:10

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2 min

What’s new? Bitcoin mining companies saw their highest-ever monthly revenue in March, earning more than $2 billion in rewards for mined blocks and transaction fees. The previous record of $1,74 billion was set in May 2021.

Material by Bitcoin Magazine

What else is known? Rewards for mining blocks in March totaled $1,93 billion, with another $85 million in fees. Currently, the reward for a mined block is 6,25 bitcoins, but it will be cut in half to 3,125 BTC on April 20, following the results of the next halving. Accordingly, if there is no significant price increase, miners’ income will also decrease.

The achievement of the record in March was facilitated by the growth of network activity and the bitcoin exchange rate. On March 14, BTC hit an all-time high above $73 600.

The leading US mining pool Foundry mined 29,4% of blocks in March, while China’s AntPool accounted for 22,4% of blocks. Together, the two pools accounted for more than half of the total volume of coins mined during the month.

At the same time, in March bitcoin was actively purchased by issuers of spot exchange-traded funds (ETFs) based on it. The volumes of their purchases are already significantly outpacing the pace of mining new coins. Thus, during the month, issuers bought about 66 000 coins, while miners produced only 25 500.

Industry experts note that this supply-demand imbalance, coupled with the upcoming issue reduction, could lead to a sharp rise in the bitcoin exchange rate.

Earlier, it became known that miners from Africa and South America buy old equipment in the United States in anticipation of halving. Thus, the reduction in the reward for a mined block makes the use of less energy-efficient equipment in the United States unprofitable due to the higher cost of electricity.

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