Bitcoin

<ul>
 <li><em>Miner revenue soared as BTC’s price surged.</em></li>
 <li><em>Bitcoin’s hashrate also grew, which could cause a rise in mining difficulty.</em></li>
</ul>
<p><a href="https://ambcrypto.com/search/Bitcoin" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin’s [BTC]</a> price surge has been extremely beneficial for holders over the last few months. However, as time passed, miners could finally reap the benefits of BTC’s rally as well.</p>
<h4>Revenue on the rise</h4>
<p>Bitcoin miners generated an average daily revenue of nearly $2 million from transaction fees in 2023, marking a remarkable 400% year-over-year increase.</p>
<p>This surge in revenue not only reflects the growing demand and usage of the Bitcoin network, but also significantly enhances the profitability of mining operations.</p>
<p>The elevated revenue generated by miners plays a crucial role in reducing selling pressure on Bitcoin. When miners have higher earnings, they may be less inclined to immediately sell their newly minted coins to cover operational costs.</p>
<p>This reduction in selling pressure contributes to a more balanced supply and demand dynamic in the market.</p>
<p>The potential impact on Bitcoin’s price is noteworthy. With miners holding onto a larger portion of their newly minted coins, the decreased supply in the market could create conditions that favor price appreciation.</p>
<p>The diminished selling pressure from miners, coupled with sustained demand, can provide a supportive environment for Bitcoin’s price to grow further.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">Revenue collected via transaction fees by bitcoin miners averaged nearly $2,000,000 per day in 2023. This is up 400% year over year. <a href="https://t.co/zZjUwy1Gbh" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/zZjUwy1Gbh</a></p>
 <p>— Jameson Lopp (@lopp) <a href="https://twitter.com/lopp/status/1738547873967435907?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 23, 2023</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h4>Hashrate spikes</h4>
<p>Moreover, the hashrate around BTC also grew. According to recent data, the hash rate for Bitcoin has experienced its fourth-highest adjustment this year. As we approach the halving in April, the hash rate has seen a 343% increase in this cycle.</p>
<p>A higher hash rate generally indicates increased computational power dedicated to securing the Bitcoin network. This enhanced security is crucial for protecting against potential attacks and ensuring the integrity of transactions.</p>
<p>Additionally, a stronger hash rate contributes to the overall resilience and stability of the Bitcoin blockchain.</p>
<p>The growth in hash rate can directly influence mining difficulty levels. The Bitcoin protocol adjusts the difficulty of mining tasks approximately every two weeks to maintain a consistent block creation time.</p>
<p style="text-align: center;">Read&nbsp;<a href="https://ambcrypto.com/predictions/bitcoin-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin’s [BTC] Price Prediction</a>&nbsp;2023-24</p>
<p>A higher hash rate may result in increased difficulty, potentially affecting the profitability and participation of miners.</p>
<div id="attachment_360249" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/GCCluokXEAAQpPE.jpeg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360249" decoding="async" class="size-full wp-image-360249" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/GCCluokXEAAQpPE.jpeg" alt="" width="1800" height="1013" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/GCCluokXEAAQpPE.jpeg 1800w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/GCCluokXEAAQpPE-300x169.jpeg 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/GCCluokXEAAQpPE-1024x576.jpeg 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/GCCluokXEAAQpPE-768x432.jpeg 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/GCCluokXEAAQpPE-1536x864.jpeg 1536w" sizes="(max-width: 1800px) 100vw, 1800px"></a>
 <p id="caption-attachment-360249" class="wp-caption-text">Source: Glassnode</p>
</div>
<p>Only time will tell how these factors will impact BTC in the long run. The king coin was trading at <span class="body-1 mrg-s mrg--l mrg--r">$43,659.02 at press time, with its price growing by</span>&nbsp;0.17% in the last 24 hours.</p>
<div id="attachment_360250" style="width: 100%" class="wp-caption alignnone"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-11.20.21-24-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360250" decoding="async" class="size-full wp-image-360250" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-11.20.21-24-Dec-2023.png" alt="" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-11.20.21-24-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-11.20.21-24-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-11.20.21-24-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-11.20.21-24-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-11.20.21-24-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-11.20.21-24-Dec-2023-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <p id="caption-attachment-360250" class="wp-caption-text">Source: Santiment</p>
</div>

As Bitcoin surges, miners reap these benefits

AMBCrypto

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