According to a report from “Unchained,” as the Bitcoin halving event approaches, Bitcoin miners’ monthly income has reached its highest level. However, miners may be preparing for a decrease in profits and operating in a more challenging economic environment.
Data from “The Block” shows that Bitcoin miners’ total income in March was $2.01 billion, surpassing the record set in May 2021. Of this, $85.81 million came from transaction fees, and $1.93 billion came from block subsidies.
Last month, the US Bitcoin mining pool Foundry mined the most Bitcoin blocks, totaling 1,300, which accounted for 29.4% of the total blocks mined that month. AntPool ranked second, mining 997 blocks, accounting for 22.41% of the total.
After the Bitcoin mining reward halves, it will decrease from 6.25 BTC to 3.125 BTC. Unless the price of Bitcoin increases significantly, miners’ profitability may be cut in half.
Based on the development trajectory of past market cycles, Bitcoin prices usually rise several weeks after the halving event occurs. International law firm Holland & Knight pointed out that financially strained miners may start to face real pressure, and the industry may witness some strategic mergers between mining companies.
Related reports: “21Shares Report: What’s Different About the Fourth Bitcoin Halving?” “Bitcoin Halving Prompts Large-Scale Exodus of Old Mining Machines from the US, Mainly Redirected to Africa and South America” “Cantor Fitzgerald Report: 11 Listed Mining Companies May Struggle to Profit from Mining Business After Bitcoin Halving”
