Bitcoin (BTC) miners enjoyed their most profitable month since the 2024 halving, with revenues surging in May as the cryptocurrency’s price reached new all-time highs above $111,000.
According to data from The Block, Bitcoin miners generated $1.52 billion in revenue during May—a 29% increase from April’s $1.18 billion. Of that total, $20 million came from on-chain transaction fees. This marks the strongest monthly income for miners since the most recent halving on April 20, 2024, which reduced block rewards from 6.25 BTC to 3.125 BTC.
For comparison, miners earned nearly $2 billion in April 2024 and set a record of $2.01 billion in March 2024.
May’s revenue growth closely mirrored Bitcoin’s price rally, with BTC hitting a new all-time high of $111,970 on May 22. The cryptocurrency closed the month up 11%, making May its second-best monthly performance of 2025 so far.
A 30-day BTC price chart, captured on June 2, 2025, by CoinMarketCap, illustrates this historic rise.
MARA Hits Record Revenue Amid BTC Rally
Public mining giant MARA Holdings—formerly Marathon Digital Holdings—also reported record results in May. On May 27, the company posted over $752 million in annualized revenue, according to CryptoQuant.
Despite a 19% year-over-year drop in production by the end of Q1 2025, MARA has been aggressively increasing its Bitcoin reserves, mirroring the accumulation strategy used by other major institutional holders.
MARA currently holds the title of the world’s largest Bitcoin mining company, with a market capitalization of $5.18 billion.
Hashrate Climbs Alongside Revenue Growth
Analysts at JPMorgan noted that the surge in miner profitability was supported by increased network activity. Bitcoin’s network hashrate surpassed 980 exahashes per second (EH/s) on May 30, up from an average of 897 EH/s in April, according to Bitinfocharts.
The hashrate represents the total computational power securing the Bitcoin network. A higher hashrate signals increased mining competition and a more secure blockchain—making it more resistant to potential attacks.
“Bitcoin miners earned an average of $51,600 per EH/s in daily block reward revenue during May—up 16% from April,” wrote JPMorgan analysts Reginald Smith and Charles Pearce. The gross daily block reward revenue also jumped by 36% month-over-month to $27,900 per EH/s, they added.
