By While bitcoin’s price rose by over 90% in 2019, the revenue earned by miners operating on the cryptocurrency’s blockchain fell by 5% to $5 billion from 2018’s revenue of $5.29 billion, according to Larry Cermak, analyst at The Block. The cryptocurrency had tanked by 70% in 2018.
Revenues declined last year even though the pice rallied hard and the adjusted on-chain transaction volume jumped 10 times to $673 billion, according to CoinMetrics.
The situation may worsen this year, as the mining reward halving, scheduled to happen in May, will cut rewards per block mined by half to 6.25 BTC.