March 2024, Historic Month for Bitcoin Mining

With Halving fast approaching, raising questions about the future profitability of mining, March 2024 stands out as a historic month for Bitcoin miners, with revenues peaking at $2.01 billion.

Miners’ revenues reach all-time highs in March

March 2024 will go down in history as the most lucrative month ever for Bitcoin miners. That’s right, miners reaped unprecedented revenues, totalling $2.01 billion, including $85.81 million in transaction fees.

This amount surpasses the previous record set in May 2021, when profits reached $1.74 billion.

A total of 4,412 blocks were successfully mined by the pools. Foundry USA led the dance, discovering 1,312 blocks, 29.74% of the network. Antpool ranks second with 989 blocks (22.42%), closely followed by Viabtc, F2pool and Binance Pool.

54 mining entities currently contribute hashrate to the network, which maintains a steady pace at 606 exahash per second (EH/s), with a notable increase of 20 EH/s in March.

Bitcoin hash price, estimating the daily value of one petahash per second (PH/s) remained above $100 throughout the month. Starting at $103.24 on March 1, it climbed to $110.39 by the end of the month, even reaching $120 on March 13.

Despite March’s exceptional performance, the Bitcoin mining industry is concerned about the upcoming Halving event scheduled for this month. This event, which halves block rewards, could threaten miners’ profitability if the price of Bitcoin doesn’t rise above $80,000, as predicted by Fidelity Digital Assets.