Bitcoin Miners Rake in Impressive $916 Million in May Revenue

• BTC miner revenue rose to $916 million in May.
• The surge in revenue can be attributed to the increased on-chain activity.
• Bitcoin is hovering around $27,000 after falling to the $26,600 range today.

In May, Bitcoin mining revenue achieved a significant milestone, reaching $916.6 million, representing a notable month-over-month increase of 13.7%. The Block’s Data Dashboard reveals that this figure includes transaction fees totaling over $120 million.

The surge in transaction fee revenue can be attributed to increased on-chain activity, primarily driven by the rise of Bitcoin NFTs through platforms like Ordinals.

Data shows Bitcoin transaction jump in May

According to data from The Block Research, May experienced a substantial surge in transaction activity on the Bitcoin network, with a total of 16.9 million transactions recorded for the month.

On Thursday, both Bitcoin and the broader cryptocurrency market witnessed a consecutive two-day decline as concerns about inflation and ongoing rate hikes resurfaced. The U.S. House of Representatives successfully passed the debt ceiling deal on Wednesday night, and the bill now awaits approval from the Senate.

Bitcoin experienced a 1% decrease during the day, trading at $26,800, and has faced a loss of over 6% in the past month. According to CoinMarketCap data, Bitcoin is trading at $27,011 at press time. BTC climbed back from a 24-hour low of $26,671 to a high of $27,346 before falling to the current trading price. Despite this, the whole cryptocurrency market is trading in consistency with no major fluctuations.