Bitcoin Mining Peaks At $2bn In March 2024

Nigeria Emerges 5th Most Interested Country In Bitcoin

Block rewards and transaction fees brought in $2 billion a month for bitcoin mining companies in March. This accomplishment exceeds the prior record of $1.74 billion, which was set in May 2021. This is based on information from Bitcoin Magazine.

The first and most influential digital currency newspaper in history, Bitcoin Magazine covers cutting-edge concepts, breaking news, and worldwide implications at the cutting edge of technology, finance, and Bitcoin.

The publication claims that transaction fees accounted for about $85 million of overall revenue.
The block subsidy was used to generate the remaining $1.93 billion. In addition to being paid for confirming transactions, miners also create new bitcoins.

The block subsidy, currently set at 6.25 bitcoins per block mined, will be halved to 3.125 bitcoins after the upcoming halving event in April.

This reduction poses a challenge for miners unless there’s a significant price surge to offset the impact.

Several factors contributed to this revenue surge: Increased network activity played a role; rising bitcoin prices further boosted miners’ earnings. Notable mining pools also played their part: Foundry, the leading US mining pool, secured 29.4 per cent of all blocks mined in March.

AntPool, a Chinese pool, followed closely with 22.4 per cent of blocks. While miners celebrated their profits, exchange-traded funds were busy accumulating more bitcoins. In March, ETFs purchased approximately 66,000 bitcoins, surpassing the 25,500 produced by miners.

The widening supply-demand gap and the impending halving could intensify competition for securing Bitcoin. Less efficient miners may be squeezed out, leading to industry consolidation, the magazine noted.

As the halving event approaches, miners face a tough environment. Their rewards will be cut in half, emphasizing the need for Bitcoin’s price to compensate for the reduced issuance.

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