Daily revenue from Bitcoin mining dropped to less than $3 million, down from the daily average of $6 million in the first four months of 2024.
Income earned by Bitcoin miners dropped significantly in May following the completion of the BTC halving. The Bitcoin network was planned with the halving mechanism to make it increasingly difficult to release a total supply of 21 million. The halving on April 20 reduced mining rewards from 6.25 BTC to 3,125 BTC.
With the halving and the launch of Bitcoin Runes, miners' daily earnings temporarily continued at high levels. However, there was a big drop in revenue in May. On May 1, total revenue from block rewards and transaction fees dropped to $26.3 million.
