Bitcoin miners’ income hits a new high of $107 million in a single day! Will income increase instead of decrease after halving?

This site (120bTC.coM): The fourth Bitcoin halving was officially completed on the morning of Saturday, April 20, Beijing time, and the block reward was reduced from 6.25 BTC to 3.125 BTC. BTC. Originally, the outside world was worried that miners' income would be cut in half after the halving, and BTC might be sold in order to maintain miners' operating costs.

However, CryptoQuant research director Julio Moreno shared data showing that Bitcoin miners’ income reached US$107 million yesterday, setting a record high, significantly exceeding the single-day record of US$77 million set in April 2021.

We know that the income of Bitcoin miners consists of 1. Block rewards and 2. Transaction fees. Of the record revenue of US$107 million, the largest proportion was transaction fees, accounting for 75% (US$80.5 million), and the remaining US$26.2 million was block rewards, accounting for only about 24.6%.

Bitcoin miner income changes

SC&P executive Baylor Landry also said that the last 77 blocks before the fourth halving combined, Miners’ income is only US$35 million, but after the fourth halving, the first 77 blocks have generated a total of US$75 million in miner income, and the halving is more like a doubling. But can this situation last?

Runes pushes up the transaction fees to increase sharply

The reason why Bitcoin transaction fees will increase sharply after the halving is mainly due to the Bitcoin homogeneous tokens that were launched simultaneously with the halving. Protocol Runes related. After the protocol went online, users rushed to mint rune tokens, causing Bitcoin transaction fees to skyrocket, with high-priority fees once exceeding 2,200 Sat (approximately US$200).

Duneanalytics data shows that after the halving, transactions related to the Runes protocol accounted for 57.7% of the overall Bitcoin transactions.

Transactions related to the Runes protocol have surged

BTC transaction fees have fallen

However, the current Bitcoin transaction fees have dropped significantly , according to mempool data:

• The current no-priority fee is 14Sat ($1.29)/byte

• The low-priority fee is 76Sat ($6.98)/byte

• Medium priority costs 84Sat ($7.71)/byte

• High priority costs 93Sat (USD 8.54)/Byte

Unless the popularity of Runes continues, it is reasonable to judge that miners’ income will return to normal values. If the currency price does not increase significantly, it may even be higher than before the halving. Low.

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