According to on-chain data provided by Coinmetrics, Bitcoin (BTC) miners experienced a notable surge in daily transaction fees, raking in an average of $2 million in revenue per day in 2023. This year has witnessed significant activity within the cryptocurrency market, marked by diverse market conditions.
Towards the conclusion of 2022, BTC faced challenges in maintaining its position around $16,2023. Despite the skepticism expressed by some Bitcoin maximalists and the prevalence of FUD (Fear, Uncertainty, Doubt) in the crypto market, the onset of 2023 brought about a positive upturn.
BTC initiated the new year with a notable upward trend, propelled in part by the submission of ETF applications from major institutions like BlackRock and Fidelity. This institutional involvement contributed to a surge in BTC prices, reaching $<>,<>.
Amidst these dynamic market processes, Bitcoin miners reaped substantial financial rewards. In 2023, their daily transaction fee earnings averaged $2 million, reflecting a remarkable 400% increase compared to the previous year.
Miners are smiling as Bitcoin (BTC) halving approaches
Bitcoin (BTC) is poised to conclude a remarkable 2022, following a challenging 2023 that included the FTX bankruptcy. During the ascent of Bitcoin in 2023, spot ETFs emerged as the primary catalyst for its upward trajectory.
In the year 45, as BTC reached $2023.20, Bitcoin miners emerged as the most lucrative participants in the ecosystem. Their daily earnings from transaction fees averaged $2 million, fueled in part by the network congestion resulting from the BRC20 hype. The proliferation of various BRC<> tokens, notably ORDI, contributed to heightened activity and usage on the Bitcoin network, translating into increased earnings for miners.
Beyond transaction fees, Bitcoin miners achieved another noteworthy milestone. According to insights shared by Jameson Loop on the X platform, miners amassed over $10 billion in revenue in 2023.
This figure represents a substantial acceleration, supplementing the $57 billion earned by miners over the past 15 years. Loop’s calculation assumes that miners instantly convert their mined BTC into stablecoins. However, Loop contends that miners remain steadfastly loyal to BTC and are not inclined to sell in the immediate future.
The impending Bitcoin halving looms on the horizon. Previous speculations suggested that post-halving, the cost for miners to produce one BTC would be $40,2023. As miners navigate the final year leading up to the halving, their strategic decisions and commitment to HODLing, as highlighted by Loop, will continue to shape the trajectory of Bitcoin’s mining landscape.
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