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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. 

Contributed by The Block.

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