During the month of February, bitcoin mining operations successfully validated 4,446 blocks, leading to an impressive total revenue of $1.39 billion. Out of this, transaction fees on the blockchain contributed $71 million. This marks a $40 million increase in mining revenue compared to January, even though there was a downturn in the revenue from transaction fees.
The hash price, the value attributed to mining efficiency, exceeded $100 February was a standout month for Foundry USA, which mined 1,334 blocks, making up 30.06% of the total blocks mined, with Antpool close behind, securing 1,152 blocks and constituting 25.96% of the total. The bitcoin mining community saw active participation from between 47 and 53 mining pools, all contributing to the SHA256 hashrate on the BTC network. A 47% increase in BTC value over the month significantly contributed to the enhanced mining revenue of $1.39 billion, an increment of $40 million from January’s $1.35 billion.
However, the portion of revenue from on-chain transaction fees was only $71 million, showing a significant decrease from January’s $133 million and a stark contrast to December’s $337 million. Since February 25, 2024, the hash price, or earnings per petahash per second (PH/s) of hashing power each day, has surged past $100.
As of March 2, 2024, the hash price per petahash has reached $104, marking a significant rise from the figures below $85 before February 25. The network’s current hashrate stands at 584 exahash per second (EH/s), slightly lower than the 609 EH/s peak observed on February 7, 2024. With the mining sector facing a dynamic landscape, including a forthcoming difficulty adjustment anticipated to decrease by 2.9%, and a subsidy halving expected between April 15 and 20, 2024, the community remains vigilant.
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