Bitcoin Miners Set A New Record With $2 Billion In Earnings In March

In March, Bitcoin miners generated an extraordinary revenue of $2.01 billion, marking a peak in the past 12 months from both rewards and transfer fees. This remarkable achievement includes $85.81 million earned solely from transaction fees during the month.

With the Bitcoin halving event on the horizon, miners have witnessed a substantial surge in their earnings. This increase comes not only from collected rewards but also from transfer fees.

Consequently, March set the record as the month with the highest revenue miners have seen.

The Previous Peak Was Only Observed In March 2021

From the impressive sum of $2 billion, $85.81 million was derived from transaction fees alone, surpassing the previous record of $1.74 billion set in May 2021.

During the course of March, a total of 4,412 blocks were mined by various Bitcoin mining pools. Leading the pack was Foundry USA, which successfully mined 1,312 blocks, accounting for nearly 29.74% of the total blocks mined throughout the month.

Trailing closely behind were Antpool, which mined 989 blocks (22.42% of the total), and then Viabtc, F2pool, and Binance Pool, in that order. By the month’s end, data indicated that 54 mining entities were actively contributing to the network’s hashrate.

How’s The Overall Network Hashrate Holding On

As for the Bitcoin network’s hashrate, it has maintained a robust pace of 606 exahash per second (EH/s), marking an increase of 20 EH/s from the previous month.

The hashprice, an indicator of the daily earnings from one petahash per second (PH/s) of mining power, remained well above the $100 threshold throughout March.

Starting at approximately $103.24 on March 1, the hashprice climbed to $110.39 by the month’s end, according to data from Luxor’s hashrateindex.com. Remarkably, on March 13, the hashprice for 1 PH/s per day exceeded the $120 mark.

At the time of reporting, with the Bitcoin network reaching a block height of 837,246, there are about 2,754 blocks left until the network’s fourth halving event.