Bitcoin Mining Revenue Jumps to $1.39 Billion in February Despite Fee Decline

In February, bitcoin miners discovered a total of 4,446 blocks, amassing earnings of $1.39 billion, with $71 million of this sum coming from onchain transaction fees. The revenue from bitcoin mining in February rose by $40 million compared to January, though the amount collected from fees saw a decrease this month.

Bitcoin’s Hash Price Breaks $100

In February, Foundry USA led the way by mining 1,334 blocks, accounting for 30.06% of the total, while Antpool secured 1,152 blocks, representing 25.96%. The month saw participation from 47 to 53 mining pools, all contributing SHA256 hashrate to the BTC chain. The rise in BTC prices by 47% within 30 days significantly boosted miners’ revenue for February, allowing them to collect $1.39 billion, which is $40 million more than the $1.35 billion logged in January.

Out of the total $1.39 billion, only $71 million came from on-chain transaction fees, a sharp decline from January’s $133 million and significantly below December’s $337 million in fees. Since Feb. 25, 2024, the network’s hash price, or the value of one petahash per second (PH/s) of hashing power per day, has climbed above the $100 mark.

As of March 2, 2024, the hash price per petahash stands at $104, a noticeable increase from the sub-$85 figures seen before Feb. 25. Currently, the network’s hashrate operates at 584 exahash per second (EH/s), which is slightly down from the peak of 609 EH/s recorded on Feb. 7, 2024. With 1,796 blocks remaining until the next difficulty adjustment, which is anticipated to drop by 2.9%, and 7,172 blocks until the subsidy halving, expected around April 15-20, 2024, the mining landscape remains dynamic and closely watched.

What do you think about February’s bitcoin mining action? Share your thoughts and opinions about this subject in the comments section below.