Bitcoin Miners’ Revenue Reached $2 Billion in March

Bitcoin Miners’ Revenue Reached $2 Billion in March

Bitcoin miners earned over $2 billion last month, reaching a new historic high. This was driven by a record volume of commissions in revenue, which amounted to $85.81 million, surpassing the previous high that was set in December at over $337 million during the Ordinals boom.

Experts, including Blockstream CEO Adam Back, predict that the rising network fees will provide an extra incentive for miners as the upcoming halving in April approaches. This halving will reduce the block reward from 6.25 BTC to 3.125 BTC.

However, despite the expectations, the daily volume of commissions has returned to around $2 million, with no significant change in the first few days of April.

Analysts at Galaxy Digital predict that the halving will render approximately 15-20% of the total computing power of the Bitcoin network unprofitable.

This could lead to some less efficient mining companies being forced out of the industry. Nonetheless, top managers of established mining companies are confident that the halving will not be a major issue for them, while smaller and less efficient enterprises may struggle to stay afloat.

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