TechFlow reported, citing Cointelegraph, that Bitcoin mining revenue significantly declined in May due to the impact of the fourth Bitcoin halving event. On May 1, total daily income from block rewards and transaction fees hit a new low of just $26.3 million. Daily Bitcoin mining revenue fell below $3 million, compared to an average daily revenue of approximately $6 million during the first four months of 2024.
Ki Young Ju, CEO of CryptoQuant, calculated that under current conditions, Bitcoin would need to remain above $80,000 for miners to stay profitable after the halving. However, most miners have taken proactive steps by upgrading their mining equipment to reduce long-term operating costs and maintain competitiveness.
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