Bitcoin miners earned $1.7 billion in April

Bitcoin miners’ revenue in April totaled $1.7 billion, according to The Block.

The figure lagged behind the record revenue for March, which reached $1.75 billion.

Of the total miners’ revenue in April, 14.51% came from transaction fees — $247 million.

In nominal terms, this was the highest monthly volume of fees since December 2017. The share of transaction fees in revenue last exceeded this level in January 2018.

In mid-April, the price of Bitcoin hit a new all-time high above $64,000. However, the cryptocurrency could not sustain that level. On 18 April the price fell below $60,000, and a few days later Bitcoin fell through the $50,000 level.

By month end, prices had recovered to around $55,000, but price declines in recent weeks weighed on mining profitability.

In April, the hash rate of leading Bitcoin mining pools fell sharply due to power-supply problems after explosions and flooding in coal mines in several Chinese provinces.