Bitcoin (BTC) mining revenue topped $100 million for the first time ever, recording its highest daily earnings in history on the day of the 2024 Bitcoin halving.
On April 20, Bitcoin miners raked in a combined $107.7 million in block rewards and transaction fees as members of the community were willing to pay exorbitant fees to have their transactions included in the 840,000th Bitcoin block — the block that marked the network’s fourth halving.
Investors wanting to be a part of Bitcoin history spent 37.7 BTC ($2.4 million) in fees alone to claim their limited space on the halving block, which included 3,050 transactions, meaning the average user paid a little less than $800.
The record-breaking fees were largely driven by a race to inscribe rare satoshis and runes onto the halving block. Much of the activity stemmed from a frenzy on Bitcoin Ordinals creator Casey Rodarmor’s new Runes Protocol, which launched the same day as the halving.
The Bitcoin halving on April 20 cut the block reward in half for the fourth time, reducing it to 3.125 BTC per block mined until the next halving, when it will be cut again.
