April was a month filled with significant activity and volatility for Bitcoin miners. Most of the month was spent anticipating Bitcoin’s halving and the launch of Runes, with many analysts and market experts warning about the outsized impact they could have on the mining sector.
As expected, the combination of the halving and Runes propelled transaction fees and miner revenues to unprecedented heights. A total of 1,257 BTC in fees was paid to miners, bringing their total revenue from fees to 75.44%.
Graph showing the percentage of miner revenue derived from fees from April 1 to June 2, 2024 (Source: Glassnode)
Come May, the mining industry entered a calm and uneventful period. Data from Glassnode showed stability across multiple miner metrics despite the broader market experiencing significant volatility.
The amount of BTC held in miner wallets saw a vertical spike on April 20, passing 1.807 million BTC. However, this spike was short-lived as miners offloaded much of their newly rece
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