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Since the halving, miners have successfully extracted 93 blocks, accumulating a significant 1,087.99 bitcoins valued at approximately $71.04 million solely from transaction fees. As of 2:00 p.m. EDT on Saturday, the current metrics indicate a high-priority transaction cost of 492 satoshis per virtual byte (sat/vB), equivalent to $44.83 per transfer. Bitcoin Mining Landscape Transforms With […]

Bitcoin Mining Landscape Transforms With Runes, 1,087.99 Bitcoins Accumulated in Fees

Following the debut of the Runes protocol, Bitcoin miners have capitalized significantly from the elevated fee environment. Although the fee peaked at $240 on Friday, it has stabilized to a range of $35 to $75 per transaction as observed between 1 p.m. and 2 p.m. EDT on Saturday.

With the block subsidy now at 3.125 BTC per block, miners have gathered 290.625 BTC, worth $18.9 million at present exchange rates, over 93 blocks. Revenue from fees tripled as miners amassed 1,087.99 BTC, valued at $71.04 million during the same period of 93 blocks.

93 Blocks, $71 Million in Fees: Bitcoin Mining Revenue Booms Post-Halving
Bitcoin blocks with more than 20 BTC in fees.

Viabtc and Antpool emerged as the most fortunate, discovering blocks containing over 25 BTC in fees. The earliest was block 840,000 with 37.625 BTC in fees, followed by block 840,005 from Antpool with 29.82 BTC. Notably, a total of seven blocks including ‘840,018,’ ‘840,014,’ ‘840,013,’ ‘840,006,’ ‘840,005,’ ‘840,004,’ and the halving block had over 20 BTC in fees.

The most successful pools in securing blocks with over 20 BTC in fees were Foundry, Antpool, Viabtc, Poolin, and F2pool. The latest developments in bitcoin mining profitability highlight a vibrant interaction between market dynamics and technological advances like Runes.

With transaction fees varying and fresh protocols impacting mining economics, the environment is fraught with unpredictability. The changing pattern of block rewards and fees persistently molds the economic landscape of the bitcoin mining sector, indicating a continuously evolving industry.

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