In December, bitcoin miners garnered the highest monthly revenue of the year, amassing $1.51 billion. Additionally, this month marked a record in fee collection, with miners securing $324.83 million in onchain transaction fees.
Bitcoin Miners Smash Records — Highest Monthly Haul of $1.51 Billion in December 2023
December 2023 has set a new benchmark for monthly revenue garnered by bitcoin (BTC) miners through block discovery and transaction verification. By Dec. 31, 2023, a total of $1.51 billion was amassed, including $324.83 million in onchain fees. This surpasses the former monthly revenue record set in May, where miners collected a total of $919.22 million, with $125.92 million from onchain fees.
In July, miners collected a total of $865 million, with $19.21 million from fees. December, however, marked a significant increase, standing 1.64 times greater than May’s record, representing a growth of 64.27% or an additional $590.78 million. At the moment, according to bitinfocharts.com, December’s onchain transaction rates are soaring, with the average fee at 231 satoshis per virtual byte (sats/vB) or $20.86 per transaction.
On Dec. 31, 2023, the median-sized fee is noted at $9.60 per transaction or 106.3 sats/vB. Moreover, on Dec. 17, 2023, fees spiked to as much as $40 per transfer, averaging around $37.43 per transaction — the year’s peak in on-chain fees, surpassing the previous high of $31 on May 8, 2023.
Also, on Dec. 17, the hash price of Bitcoin — the value of a single petahash per second (PH/s) produced daily — hit a 2023 zenith of $133.62 per PH/s, exceeding the earlier record of $125.64 per PH/s on May 8. Despite the high onchain fees, miners face a backlog of over 496,000 unconfirmed transactions and congestion of 430 blocks.
Curious about Bitcoin?
How about mining this new and asymmetric asset?
Find out how it works.
Book your edge now!
www.rollmanmining.com
