Miners’ revenues fell 23%

Miners earnings fell 23%

Miners' revenues fell 23%

As a result of the reduction in fees and commissions in the Bitcoin network, over the past month, the total income of miners decreased by 23%..

According to the Coin Metrics service, in May, the gross production of BTC was $ 366 million, and in June it fell to $ 281 million, which is the lowest level since April 2019. Analysts say that last month’s results more clearly reflect the effects of halving than May’s, since then 11 days had a significant impact on the bottom line..

In addition, commissions in June totaled $ 12 million, or 4.3% of total revenue, nearly half of May’s 8.3%, which was a 12-month record. In parallel with the decline in earnings from mining, the volume of trade in MTC also fell by 32% in June..

The level of remuneration in the bitcoin network will remain at the current level until 2024, so miners can expect an increase in income only from an increase in the cryptocurrency rate or from an increase in commissions..

text: Ivan Malichenko, photo: Shutterstock, graphic: Coin Metrics

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