Bitcoin miners generated $1.7 billion in revenue during April
May 1, 2021, 11:05AM EDT
1 min read
Bitcoin miners hauled in $1.7 billion in revenue during the month of April, according to new data.
The April figure represents a slight decline compared to March's $1.75 billion, as shown in the chart below. Miners were buoyed by high prices as bitcoin traded at an all-time above $60,000 earlier this month. At press time, bitcoin is trading hands at about $57,500 on Coinbase.
According to available data, 14.51% of the April revenue came from transaction fees -- some $247 million. This figure represents the highest fee-to-revenue ratio since early 2018.
The strong month for bitcoin mining revenue comes during a period of change for the global sector. As previously reported, China's long-running dominance of the mining space is fading, a process underpinned by growing investment in North America and high demand for hardware outside of China.
Sygnum Bank’s Digital Asset Outlook 2022 report analyses the developments that shaped the crypto industry in 2021, and lays out Sygnum’s strategic outlook for the market and its key sectors and trends for the year ahead.
With more than $100 billion in market cap across all chains, it is likely that the DeFi market cap will grow to $200 billion by 2025. However, many users still face various technical barriers when using decentralised platforms to do on-chain farming, staking and trading, while off-chain solutions face liquidity issues, fiat restrictions and the lack of a central multichain to support crypto assets and institutional-grade custodians.
The Federal Reserve dropped a new central bank digital currency white paper on Thursday. While largely avoiding the topic of crypto, it suggests that a US CBDC could compete with "private digital money."