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Why Your Neighbour’s Cat Probably Mines Better Than Bitcoin Pros—$40M Question Answered!

BBG News

In news that may encourage miners everywhere to start hoarding lucky socks, Bitcoin miners managed to come up $40 million short in April compared to March—marking four straight months of ever-thinning wallets and much gnashing of ASIC teeth.

April’s Revenue? About as Stable as a Wobbly Ladder

Sure, the drop wasn’t the kind that makes you leap out of your chair and look for a parachute. But a contraction is still a contraction—even if it’s wearing a polite hat. In April, those brave (or stubborn) souls known as bitcoin miners made off with $1.18 billion in total revenue—block subsidies and transaction fees bundled together like a suspiciously light fruitcake, according to data unearthed by theblock.co. The fees alone accounted for a mere $15.65 million (yes, consider buying that second coffee). For comparison, March’s piggy bank had $1.22 billion in it, so April’s piggy really needs a good meal and probably a holiday. 🐷

Source: theblock.co. Yes, they really do count all the coins. 🍕

Curiously, despite everything getting soggier, April managed to wring out a little more in transaction fees: $15.65 million versus March’s $15.11 million. Perhaps the blockchain gods just wanted miners to have one nice thing. This all unfolded while the BTC price puffed itself up like a rooster and hashprice—the “you might get rich, honest” rate per PH/s—actually ticked upward.

Hashprice on April 1: $46.88.
Hashprice by May 1: $50.26.
That’s right, miners were almost able to afford real food. Nearly.

But—there’s always a but, isn’t there?—network difficulty currently lounges at a record 123.23 trillion, occasionally glancing at hopeful miners and muttering, “Not today.” With block times slowing down to the pace of a municipal committee meeting, rumor has it the upcoming difficulty tweak on May 4, 2025, will drop the challenge by 5.47%. Fingers crossed. Or maybe toes, because miners are running out of fingers.

So what’s propping this all up like a wobbly bookshelf? Barely, it’s price appreciation. The long and short of it: miners are clinging to efficiency like a wizard to his pointy hat, with monthly earnings shrinking but not yet vanishing entirely. Market equilibrium is now a delicate tightrope walk. Those who can’t balance? Well, let’s just say there’s always cat-sitting. 🐈‍⬛💸

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2025-05-01 23:30

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