Miners’ Revenue Plummets to 2023 Lows

On May 3, the total revenue for miners fell to $26.38 million, marking the lowest level since October 2023, according to Blockchain.com.

At the time of writing, the figure had slightly risen to $30.9 million.

On halving day on April 20, miners earned a record $107.75 million. This was largely driven by fees for issuing tokens on the Runes protocol.

Following the reduction of the block reward from 6.25 BTC to 3.125 BTC, Bitcoin miners anticipated diversification into AI, a rise in the cryptocurrency’s price, and other income streams.

As a result of the halving, Ki Young Ju, founder and CEO of the analytics firm CryptoQuant, found no signs of miner capitulation. The expert suggested that profitable Bitcoin prices post-halving should reach $80,000.

Markus Thielen, Head of Research at 10x Research, speculated that miners might sell off $5 billion in Bitcoin reserves to sustain their operations.

Following the halving, mining difficulty hit a new high, while Marathon Digital and Bitfarms announced plans to increase their Bitcoin hashrate.