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

Yogita Khatri
·1 min read

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.


© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.