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Bitcoin Miners See Triple Revenue Spike After Halving, Fueled by Network Fees and Speculative Activity

Bitcoin Miners See Triple Revenue Spike After Halving, Fueled by Network Fees and Speculative Activity

CointimeCointime2024/04/22 12:01
By:Cointime

According to a report by broker Bernstein, since the reward halving of bitcoin, miners have earned about 19 BTC per block on average, which is over and above the standard block rewards as a spike in network fees led to a tripling of revenue. The broker expects 15% of miner revenues to be network transaction fees on a sustainable basis. The launch of the Runes protocol over the weekend triggered a spike in network fees on the Bitcoin blockchain, indicating the level of developer interest and fee revenue potential for miners. While the speculative activity may be short-lived, the report notes that the fungible token market is largely untapped on the Bitcoin network, and miners may continue to enjoy above-normal windfall for now.

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