Bitcoin mining revenue dropped significantly in May 2024, following the effects of the fourth Bitcoin halving event.
Daily revenue from Bitcoin mining dropped to under $3 million as opposed to the previous daily average of roughly $6 million in the first four months of 2024.
Total value in U.S. dollars of Coinbase block rewards and transaction fees paid to miners. Source: blockchain.com Anticipating this significant drop, miners worldwide restrategized operations to remain profitable in the next phase of the Bitcoin economy. If not, miners would have to rely solely on Bitcoin’s high market value to support operations.to keep mining profitable post-halving under current conditions. However, most miners took proactive measures to upgrade their mining equipment to reduce long-term operational costs while being competitive..
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