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.