Analysis of Bitcoin Miner Revenue and Network Hashrate Post-Halving in 2024
The recent Bitcoin halving has caused a surge in daily mining revenue, reaching a record high of over $100 million, according to on-chain data analytics firm CryptoQuant. The halving, which reduced Bitcoin issuance from 900 to 450 per day, resulted in a spike in transaction fees to $80 million, making up 75% of total miner revenue for that day.
Despite the decrease in Bitcoin issuance, miner daily revenue initially spiked to $100 million on halving day before declining to around $50 million. This represents a 35% decline from the record-high levels seen before the halving. The network hashrate has remained relatively stable, indicating that miners are continuing operations at a similar rate as before the halving.
The decrease in miner revenues post-halving has led to a drop in hashprice for miners, now at $0.07 per TH/s, the lowest since October 2023. However, it is still too early to determine the long-term effects of the halving on the network hashrate.
Before the 2024 halving, Bitcoin experienced a rally, with its price surging by 52% since the beginning of the year and recording a 134% increase over the past twelve months. The cryptocurrency reached a new record high of $73,605 on March 13, 2024. Stay tuned for more updates on the impact of the halving on the Bitcoin network.
