Bitcoin miners generated $1.7 billion in revenue during April

May 1, 2021 | The Block News | 0 comments

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Bitcoin miners hauled in $1.7 billion in revenue during the month of April, according to new data.

The April figure represents a slight decline compared to March’s $1.75 billion, as shown in the chart below. Miners were buoyed by high prices as bitcoin traded at an all-time above $60,000 earlier this month. At press time, bitcoin is trading hands at about $57,500 on Coinbase.

According to available data, 14.51% of the April revenue came from transaction fees — some $247 million. This figure represents the highest fee-to-revenue ratio since early 2018.

The strong month for bitcoin mining revenue comes during a period of change for the global sector. As previously reported, China’s long-running dominance of the mining space is fading, a process underpinned by growing investment in North America and high demand for hardware outside of China. 

© 2021 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.

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