9M
...
Bitcoin mining celebrated a groundbreaking achievement on April 20, 2024, as miners amassed an unprecedented $107.7 million in revenue, marking a new milestone coinciding with the much-anticipated Bitcoin halving event. This remarkable day witnessed the community’s enthusiasm, with investors paying an average of nearly $800 in transaction fees to secure a spot in the 840,000th block—a key player in the fourth Bitcoin halving. Notably, this surge in revenue outstripped the previous record of $78.7 million on March 11, highlighting a direct correlation with Bitcoin’s market price and the intrinsic value miners generate from securing the blockchain network.
The halving event itself, which reduced mining rewards to 3.125 BTC per block, signifies a pivotal moment for Bitcoin, reinforcing its deflationary nature amidst growing investor interest. This surge was partially fueled by the launch of Casey Rodarmor’s Runes Protocol, which dovetailed with the halving, creating a flurry of activity as users raced to immortalize their transactions. However, following the event, transaction fees normalized to $8-$10, illustrating the transient nature of the hype but underscoring a sustained confidence in Bitcoin’s long-term value.
