Bitcoin miners made $366.4 million in revenue during May, despite halving

Bitcoin • June 10, 2020, 8:15AM EDT
The Block

Bitcoin miners across the world generated an estimated $366.4 million in revenue during May, despite the halving, which reduced mining rewards per block from 12.5 BTC to 6.25 BTC.

The May revenue is just 11% down from April revenue of $412.5 million, as noted by The Block's Larry Cermak in his May by-the-numbers report. The figures are based on the assumption that miners sell their bitcoin holdings immediately and are drawn from the daily close price of bitcoin.


Source: Coin Metrics, The Block Research 

Notably, bitcoin transaction fees accounted for a higher share in the total revenue generated in May - at 8.3% - as compared to just 1.5% in April. It was the highest monthly share since January 2018.

To read the full May report and more such data-driven stories, subscribe to The Block Research.

AUTHOR

Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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