In May, Bitcoin mining earnings saw a notable decrease due to the fourth Bitcoin halving event taking effect.
This policy was established to gradually decrease the issuance of Bitcoin over the course of several decades, and since the April 20 halving, mining rewards were reduced from 6.25 BTC to 3.125 BTC.
Despite the initial excitement surrounding the halving and the launch of Bitcoin Runes, the revenue for miners experienced a significant decline in May.
On May 1, the combined income from block rewards and transaction fees hit a record low of $26.3 million. In comparison, prior to the halving, miners earned an average of $6 million per day based on data from Blockchain.com.
This trend continued throughout the month of May, indicating a new standard for Bitcoin mining revenue. Interestingly, on April 20, mining revenue reached an all-time high of over $107 million – the highest daily earnings in Bitcoin history.
