Revenues of bitcoin miners in May exceeded $900 million

Revenues of bitcoin miners in May exceeded $900 million

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Author: Robert Strickland (crypto-journalist)
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Revenues of bitcoin miners in May exceeded $916 million
Proceeds of miners of the first cryptocurrency increased by 13.7% for a month

Revenue of bitcoin miners in May reached $916.6 million, an increase of 13.7% compared to the previous month, reports The Block. That's a figure BTC mining revenue hasn't reached since June 2022 ($1.1 billion).

In addition to the main revenue as a reward for found blocks in the bitcoin network, $916 million includes $125.9 million in transaction fees.

The popularity of new NFTs on the bitcoin network has led to a surge in transaction fee revenue for miners. May saw a significant jump in the number of transactions, reaching 16.9 million in a month, up from 7.5 million to 10.7 million transactions per month in the year before, according to the publication.

In this regard, the income of miners increased, even though in May bitcoin fell in price by 5.5%: from $29.3 thousand to $27.7 thousand, and the difficulty of mining the cryptocurrency once again this year has renewed its historical maximum at 51.23T.

The increase in mining complexity indicates that industry participants continue to increase their computing power. This is being aided by the emergence of new and increasingly efficient equipment that cryptocurrency miners are trying to install before next year's bitcoin network halving occurs.

 

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