After falling as low as $6.8 million in the months following Bitcoin’s halving event on May 11, 2020, miner revenue from block rewards is now hovering above $40 million, according to data from blockchain analytics firm Glassnode.
The dotted line indicates when the halving event occurred. Source: Glassnode
Bitcoin mining is a highly competitive process of creating new cryptocurrencies by solving complex mathematical puzzles with the help of computers with specialized software installed. By verifying Bitcoin transactions and adding them onto the blockchain, miners earn rewards that consist of transaction fees and a base reward for each block they mine.
The block reward, also known as coinbase reward or subsidy, is halved after every 210,000 blocks mined, or approximately every four years–hence the expression “the halving.”
Each halving event reduces the rate of creating new Bitcoin until no more new coins enter the network’s supply at all in the year 2140.
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