Bitcoin Miners Hit Record $2 Billion Earnings Before Halving Event

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Graph illustrating the record earnings of Bitcoin miners in March, before the halving event

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In an unprecedented surge, Bitcoin miners around the globe have collectively earned over $2 billion in March, setting a new all-time high in revenue just before the network undergoes its much-anticipated halving event. This peak surpasses the previous record set in May 2021, when miners saw incomes totalling $1.7 billion.

Earnings Bitcoin

The substantial earnings by Bitcoin miners are a combination of block rewards and transaction fees within the Bitcoin network. A significant portion of March’s revenue, precisely $85.8 million, was attributed to transaction fees alone, marking the highest monthly figure recorded to date.

Leading Contributors

Dominating the mining scene, Foundry USA emerged as the top miner, successfully mining 1,312 blocks, which represents 29.74% of the entire network’s blocks. Following closely were Antpool, Viabtc, F2pool, and Binance Pool, showcasing a competitive and diversified mining ecosystem.

Post-Halving Predictions

Despite the booming figures, the industry faces a forthcoming shift with the planned halving in April, which will reduce the block reward from 6.25 BTC to 3.125 BTC. Early indicators show a normalization of daily commission volumes to around $2 million, a figure that remained steady in the initial days post-halving.

Galaxy Digital’s analysts predict that the halving could render 15%-20% of the Bitcoin network’s total computing power unprofitable. This anticipated downturn might lead to miners powering down less efficient setups and maintaining operations with only their most effective machinery.

Global Shifts and Equipment Sales

The looming halving event is also expected to trigger a geographical redistribution of mining equipment, with outdated hardware likely moving from the United States to regions offering lower energy costs, such as Africa. Moreover, potential buyers are on standby, hoping to acquire mining hardware at reduced prices post-halving. Notably, the price for used S19 mining rigs has plummeted from approximately $7,000 in March 2022 to a mere $427 today.

As the Bitcoin mining landscape prepares for these significant changes, the record earnings achieved in March highlight the industry’s resilience and the ever-growing interest in cryptocurrency mining.

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