Daily revenue from Bitcoin mining dropped to under $3 million from the previous daily average of roughly $6 million in the first four months of 2024.
Earnings from Bitcoin mining dropped significantly in May as the effects of the fourth Bitcoin halving event set in.
The Bitcoin halving mechanism was designed to increasingly limit the issuance of 21 million Bitcoin (BTC) spread over decades. The April 20 halving reduced mining rewards to 3.125 BTC from 6.25 BTC.
While initial hype around the halving and the launch of Bitcoin Runes temporarily sustained the miners’ daily earnings, a strong revenue drop was recorded in May. On May 1, the total revenue earned from block rewards and transaction fees fell to a new low of $26.3 million.