Bitcoin

Billion

<a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/" rel="noopener noreferrer nofollow">Bitcoin miners</a> are witnessing a significant surge in their revenues this month. With a collective earning of 4,055 BTC in transaction fees, amounting to about $170 million, they are experiencing a substantial increase from the 13% recorded in May. This boost is largely attributed to the resurgence of inscription activities on the Bitcoin network. If the current trend continues, miners might accumulate around 6,800 BTC solely from transaction fees in December, according to <a href="https://theminermag.com/news/2023-12-18/bitcoin-miners-billion-december-revenue/" rel="noopener noreferrer nofollow">TheMinerMag</a>.
This surge in transaction fees could lead to an estimated total mining revenue of $1.42 billion, considering Bitcoin's average price of $42,100 so far. This figure is reminiscent of the peak mining revenue observed in December 2021, during the last bull market.
Data from CoinMetrics reveals a spike in the median bitcoin-denominated fee, reaching 592 sats over the weekend, coupled with fluctuations since late November. This increase in fees has contributed to a growing number of Bitcoin transactions waiting in the mempool.
The <a href="https://ultramining.com/news/en/bitcoins-rebound-above-30k-boosts-hashprice-a-4-leap-in-24-hours/" rel="noopener noreferrer nofollow">hashprice</a>, a measure of mining profitability, peaked at over $135/PH/s before dropping below $120/PH/s. Concurrently, the seven-day moving average <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a> of Bitcoin has risen to over 510 EH/s.

Bitcoin Mining Revenue Skyrockets to $1.4 Billion in December

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Other articles published on Dec 18, 2023

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