Bitcoin Miners Brought In $56 Mil Per Day In April

Bitcoin miners generated more than $56 million on average per day in Apr 2021, making it the industry’s second strongest month actually.

The particular Bitcoin mining industry saw its second strongest 30 days ever in April 2021, generating total revenue associated with $1, 702, 531, 320, or $56, 751, 044 per day on average, as a surge in transaction fees helped make up for slight downward stress on price.

Total miner revenue per day within the month of April 2021.

The particular strong total revenue numbers can be partially attributed to the fall in hash rate that occurred earlier in the month, slowing the pace where blocks were mined, resulting in increasingly competitive (and expensive) transaction fees.

Three-month view of the mempool.
Percent miner revenue from fees (seven-day moving average).

The month of Apr was an excellent example of the set of economic incentives built into the protocol. A significant part of the hash rate emerged offline earlier in the 30 days, slowing blocks and increasing fees for settlement within the blockchain. The rise in fees created an increasing economic incentive to sell hash rate to the Bitcoin network while block times were coming in slow.

The Bitcoin network is more robust than ever, and total miner revenue is just one metric to evaluate this empirical reality.  

Post Author: blockchain

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