The fourth Bitcoin halving event has resulted in a 50% reduction in miners’ earnings. However, miners have had enough respite in terms of revenue contribution thanks to the spike in dApp activity on the Bitcoin blockchain.
Miners of Bitcoin Witness Increased Revenue Streams
Novel token protocols like Ordinals and Runes have increased Bitcoin’s utility and are responsible for the rising transaction fee income. These developments make it easier to create fungible and non-fungible tokens on the network, increasing transaction volume.
Bitcoin miners earn income from transaction fees and block subsidies. Block rewards decrease during halving events, but transaction fees may compensate.
BTC Miners Feel The Heat
Transaction fees of more than $80 million on the day after the halving helped to support miner revenue. During peak activity, the network’s average transaction fee soared to $40. However, as Bitcoin’s activity normalized, it plummeted below $10. However, the surge in the dApp activity on the Bitcoin blockchain has provided miners enough relief in terms of revenue contribution.
On Wall Street, however, Bitcoin mining companies are still triumphant. Their stocks have recently increased in tandem with Wall Street’s recent recovery. However, to increase mining activity and market share, major Bitcoin mining companies like Marathon Digital have been implementing significant adjustments.
