Bitcoin miners recorded their most profitable month in May 2025 since the fourth halving event, which took place on April 20, 2024, at block height 840,000. Data compiled by theblock.co shows that bitcoin miners earned a total of $1.52 billion in May, with $20.09 million of that sum derived from onchain fees.

Source: theblock.co

The prior 12-month peak occurred in December 2024, before this new record, back when miners brought in $1.44 billion from a combination of fees and block subsidies. Currently, bitcoin miners are earning approximately 22% less per petahash than the median payout observed before the fourth halving.

In April 2024, combined block rewards and transaction fees totaled $1.79 billion, with $281.47 million attributed to fees alone. The uptick in May 2025 earnings was largely fueled by bitcoin’s price appreciation rather than structural shifts or a rising fee market.

For example, in April 2024 amid the fourth halving event, transaction fees made up 15.73% of that month’s total revenue. By contrast, in May 2025, onchain fees represented just 1.32% of the overall sum—highlighting how heavily bitcoin mining revenue gains were driven by BTC’s price rise alone.

Furthermore, from May 30 to the present, the daily earnings generated by 1 petahash per second (PH/s) of hashpower declined from $54.78 to $52.25. Hashprice will need to climb again this month if June is to measure up to May’s performance.

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