The total revenue of Bitcoin miners in March this year exceeded $2 billion.
According to The Block, this marks a new all-time high.
Transaction fees accounted for $85.81 million of the revenue. In contrast, back in December, the figure had surpassed $337 million during another Ordinals-related surge.
Some experts, such as Blockstream CEO Adam Back, have stated that rising network fees will serve as an incentive for miners ahead of the halving scheduled for April.
However, as the reward per block is set to decrease from 6.25 BTC to 3.125 BTC in April, daily transaction fee volumes have reverted to around $2 million. In the early days of the month, the metric showed no significant dynamics.
According to estimates by Galaxy Digital specialists, approximately 15–20% of the Bitcoin network’s total computational power is expected to become unprofitable after the halving.
Top executives of mining companies believe that the halving will not pose an issue for major players in the industry, although less efficient operations may be forced to “exit the game.”
Experts have also predicted a post-halving migration of outdated Bitcoin mining equipment from the U.S. to regions with lower energy costs, such as Africa.