Bitcoin Miners' Earnings Hit Record $2 Billion in March Ahead of Halving Event

In March, bitcoin miners amassed an unprecedented level of revenue not seen in the previous 12 months, hitting a high of $2.01 billion from rewards and transfer fees. Of this total, $85.81 million was earned from transaction fees over the past month.

Historic Month for Bitcoin Miners — Income Peaks at $2 Billion

As we edge closer to the halving event, bitcoin (BTC) miners have seen a significant increase in their earnings, both from collected rewards and transfer fees. March set a new benchmark as the month with the highest revenue in the last year.

Moreover, the milestone was also marked as the highest record month for miner income in the network’s lifetime. According to the latest figures, miners raked in $2.01 billion, with $85.81 million of this total coming from transaction fees. The previous peak before March 2024 was observed in May 2021, when earnings hit $1.74 billion.

Throughout the past month, the hashprice consistently exceeded the $100 per PH/s daily mark. The term hashprice denotes the anticipated daily value of 1 PH/s of hashing capacity.

Throughout March, bitcoin mining pools successfully mined 4,412 blocks, with Foundry USA leading the charge by uncovering 1,312 of those blocks. This achievement indicates that Foundry was responsible for approximately 29.74% of the network’s total during the month.

Antpool came in second, discovering 989 blocks, which equates to 22.42% of the total blocks mined in March. Hot on the heels of Foundry and Antpool were Viabtc, F2pool, and Binance Pool respectively. As the month draws to a close, data reveals that 54 mining entities actively contribute hashrate to the network.

Currently, the Bitcoin network’s hashrate is maintaining a steady pace at 606 exahash per second (EH/s), with a noticeable increase of 20 EH/s over the last month. Bitcoin’s hashprice, which estimates the daily value of one petahash per second (PH/s) of mining power, consistently stayed above the $100 mark throughout the month.

Initially, on March 1, the hashprice started at roughly $103.24 and climbed to $110.39 by the end of the month, as reported by Luxor’s hashrateindex.com. Notably, on March 13, the hashprice for 1 PH/s per day soared past the $120 range. At the time of writing, at block height 837,246, there’s approximately 2,754 blocks left until the fourth halving.

What do you think about the earnings miners accrued in March? Share your thoughts and opinions about this subject in the comments section below.