Bitcoin Miners Reap Record $916.6M in May 

Bitcoin miners enjoyed a lucrative May, with revenues hitting $916.6 million. This figure marks a 13.7% increase from the previous month, according to The Block analysts, according to the newscryptocoin.

The surge in revenues is largely due to the growing popularity of Bitcoin-based NFTs. This trend has led to a significant rise in transaction fees, contributing over $120 million to miner revenues.

Transaction volume also saw a notable increase in May. The number of transactions reached 16.9 million, a significant jump from the average 7.5 to 10.7 million transactions per month seen in previous months.

Bitcoin mining difficulty also set a new record in May. After the latest recalculation, the difficulty level rose by 3.4% to reach 51.23 Tx, surpassing 50 trillion hashes for the first time.

One notable achievement in May was by a solo miner with 750 TH/s computing power. This miner successfully mined block number 790,958 on the Bitcoin network, earning a reward of 6.25 BTC, or approximately $170,000.

These developments underscore the growing profitability and activity in the Bitcoin mining sector.

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