Bitcoin Mining Revenues Hit Record $1.5 Billion in March

Apr 1, 2021 | Decrypt News | 0 comments


Bitcoin miners claimed over $1.5 billion in Bitcoin block rewards and fees last month, according to a recent report from blockchain analytics company Arcane Research.

Though mining revenue decreased toward the tail end of the month as trading volume settled down, the monthly tally still constitutes a record.

Is Bitcoin Mining Still Profitable in 2021?

The final figure is roughly in line with projections from mid-March, when blockchain data firm Glassnode reported that miners were taking home $52.3 million per day. Revenue reached a record $64.7 million on March 14, the day after Bitcoin’s price peaked at its new all-time high of $61,683.

Mining is how transactions get added to the Bitcoin blockchain. Miners, usually in coordination with larger mining firms, use specialized hardware to run the Bitcoin software. The process provides the network with security as miners lend their computing power to solve cryptographic puzzles. The first miner to do so gets to confirm a new batch, or block, of transactions and receive newly minted Bitcoin, plus any transaction fees people have paid to help push their transactions through on the network.

Currently, miners receive a block reward of 6.25 BTC, with a new block mined every 10 minutes or so. What might be startling is that the block reward used to be higher. From July 9, 2016 until May 11, 2020, miners earned 12.5 BTC for every block mined. For the four years before that, it was 25 BTC, and for nearly the first four years of Bitcoin’s existence, block rewards were 50 BTC.

Which is all to say that Bitcoin mining revenue is going up despite block rewards going down; the shrinking supply has driven the price up. Indeed, price is the primary reason for the revenue increase. Transaction fees play a much smaller role; average fees declined in March as the number of transactions decreased, according to statistics from

Confirmed transactions per day. Source:

Of course, revenue is not the same thing as profit. But mining profitability has consistently risen since October 2020, according to stats from BitInfoCharts. In March, it hit its highest level since July 2019.

News Source from

Related Articles

Mapping out Genesis Block Ventures’ portfolio

Mapping out Genesis Block Ventures’ portfolio

Quick Take Based in Hong Kong, Genesis Block was founded in 2017 by Wincent Hung and Clement Lp. Aside from operating a proprietary trading desk and offering market making, the firm formed Genesis Block Ventures (GBV), a separate entity that provides investment to the...

Standard Custody takes new route to ‘qualified custodian’ status

Standard Custody takes new route to ‘qualified custodian’ status

Standard Custody received its license to operate as a New York state-chartered trust on May 4, and it's already making a play to gate-crash the institutional custody space. Just days after its licensing, the firm announced the close of a $53 million Series B round for...

Elon Musk tweets BTC price bottom? 5 things to watch in Bitcoin this week

Elon Musk tweets BTC price bottom? 5 things to watch in Bitcoin this week

It's all about Elon as Twitter provides the backdrop to an ongoing battle between hodlers and the "Dogefather." Bitcoin (BTC) is nearing $40,000 this week as “Dogefather” Elon Musk deals out pure pain to hodlers — what’s next?After a traumatic weekend for many crypto...

Pin It on Pinterest

Share This