In March this year, bitcoin miners managed to earn over $2 billion, marking an all-time high in revenue.
Data: The Block.
Commission revenues reached $85.81 million in March, but that’s well below December’s figure, which topped $337 million during the last boom around Ordinals.
Some experts, including Blockstream CEO Adam Beck, suggested that the increase in network commissions could be an additional incentive for miners, especially ahead of the expected halving in April.
As April’s reduction in the block reward from 6.25 BTC to 3.125 BTC approaches, daily commissions are expected to return to levels around $2 million. The early days of the month did not show much momentum in this regard.
Analysts from Galaxy Digital estimate that about 15-20% of the total computing power of the bitcoin network will become unprofitable after halving.
Mining executives express confidence that the decreasing reward per block will not be a serious problem for the major players in the industry, but less efficient businesses may be forced out of the market.
Recent forecasts also point to a possible exodus of outdated mining equipment from the U.S. to regions with lower energy tariffs, such as Africa.
