HomeBUSINESSBitcoin Miners Brought In $56 Million Per Day In April

Bitcoin Miners Brought In $56 Million Per Day In April

The Bitcoin mining industry saw its second strongest month ever in April 2021, generating total revenue of $1,702,531,320, or $56,751,044 per day on average, as a spike in transaction fees helped make up for slight downward pressure on price.

The strong total revenue figures can be partially attributed to the fall in hash rate that occurred earlier in the month, slowing the pace at which blocks were mined, leading to increasingly competitive (and expensive) transaction fees.

The month of April was an excellent example of the set of economic incentives built into the protocol. A significant portion of the hash rate came offline earlier in the month, slowing blocks and increasing fees for settlement on the blockchain. The rise in fees created an increasing economic incentive to sell hash rate to the Bitcoin network while block times were coming in slow.

The Bitcoin network is more robust than ever, and total miner revenue is just one metric to quantify this empirical reality. 

Dylan Leclair
Dylan Leclair
Dylan LeClair has a passion for Bitcoin and economics. Aside from his work with Bitcoin Magazine, Dylan operates a consulting business, 21st Paradigm, which aims to assist businesses and individuals to incorporate Bitcoin into their capital allocation and business strategy.
RELATED ARTICLES
Bitcoin Bitcoin BTC/USD
$0.00
24hr %:
0.0%
24hr High:
$0.00
24hr Low:
$0.00
Error loading data. Check console for details.
VIEW 150+ BITCOIN CHARTS

LATEST NEWS