Since the fourth Bitcoin halving, which reduced Bitcoin issuance from 900 to 450 per day, miners have seen a spike in daily revenue. CryptoQuant, a data analytics firm based in South Korea, reported that daily revenues hit a record high of over $100 million, with 75% of total revenue coming from transaction fees. Despite the decrease in new Bitcoin issuance, daily revenue increased due to a spike in transaction fees, reaching the highest daily level on record.
Following the halving, daily mining revenue initially spiked to $100 million but has since declined to around $50 million. This represents a 35% decrease from the record-high levels of $78 million before the halving. The decline in revenue came as transaction fees decreased to similar levels as before the halving. While it is still too early to determine any long-term effects on the network hashrate, miners have continued to operate at the same rate as before the halving. The total network hashrate has remained relatively flat or slightly higher at around 617 EH/s.
Hashrates, which indicate how powerful mining competitors or peers are, have seen a decrease in price to $0.07 per TH/s, the lowest since October 2023. This decline in hashprice can be attributed to the high network hashrate and lower miner revenues following the halving. Before the 2024 halving, Bitcoin experienced a rally, with its price surging by 52% since the beginning of the year and recording a 134% increase over the past twelve months. Bitcoin reached a record high of $73,605 on March 13, 2024, before the halving took place.
The impact of the halving on Bitcoin issuance has led to a significant decrease in daily mining revenue, despite transaction fees reaching record highs. The decline in revenue has pushed down hashprice for miners, leading to a price of $0.07 per TH/s, the lowest since October 2023. While it is still early to see any long-term effects on the network hashrate, miners have continued to operate at pre-halving levels, with the total network hashrate remaining steady at around 617 EH/s.
Overall, the fourth Bitcoin halving has resulted in changes to miner revenue and hashprice, with daily revenues initially spiking to $100 million before declining to around $50 million. The increase in transaction fees following the halving led to a temporary bump in revenue, but fees have since decreased to pre-halving levels. Despite these fluctuations, the network hashrate has remained stable, indicating that miners are continuing operations as usual. Before the 2024 halving, Bitcoin experienced a rally, reaching record highs in price and setting the stage for future developments in the cryptocurrency market.
