Bitcoin

Northern

Read

Phoenix

James

<p class="is-style-lead">The revenue collected by Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/">BTC</a>) miners as transaction fees in 2023 reportedly averaged about $2 million per day, signifying a 400% jump year over year.</p> 
<p>Jameson Lopp, co-founder of Bitcoin self-custody platform Casa, shared the data in a Dec. 23 post on X, signifying that Bitcoin miners were finally benefiting from the cryptocurrency’s soaring prices.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <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" target="_blank">pic.twitter.com/zZjUwy1Gbh</a></p>— Jameson Lopp (@lopp) <a href="https://twitter.com/lopp/status/1738547873967435907?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 23, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Lopp says Bitcoin miners raked in almost $2 million on average per day from transaction fees this year. That’s a 400% increase compared to last year.</p> 
<p>Lopp also shared that BTC miners earned more than $10 billion in 2023. However, he clarified that the figures assumed the miners instantly exchanged their coins for fiat currency, something he suggested is not wholly true.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Bitcoin miners earned over $10 billion in 2023, a significant addition to the $57 billion total over the past 15 years. This number assumes they instantly sell for fiat, which is most certainly not the case – miners are HODLers. <a href="https://t.co/nfH8KI6etH" target="_blank">pic.twitter.com/nfH8KI6etH</a></p>— Jameson Lopp (@lopp) <a href="https://twitter.com/lopp/status/1738627489931333958?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 23, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>His revelation follows a recent report by Messari, which indicated that BTC miners attracted significant venture capital investment in November. </p> 
<p>Per the report, there were 98 crypto-related deals last month, with about 90% of them, valued at $1.75 billion, going to Bitcoin miners.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">This past month in crypto fundraising was led by BTC miners, with Northern Data and Phoenix Group raising ~$600M and ~$370M respectively.<br><br>Those deals aside, the rest of the crypto venture market did ~$750M in volume on 98 deals. <a href="https://t.co/CvuwUsgu5c" target="_blank">pic.twitter.com/CvuwUsgu5c</a></p>— Messari (@MessariCrypto) <a href="https://twitter.com/MessariCrypto/status/1729953539982815371?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 29, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p> You might also like: <a href="https://crypto.news/bitcoin-proponents-kick-against-proposed-us-crypto-ban/"> Bitcoin proponents kick against proposed US crypto ban </a> </p> 
<p>The good news for the sector did not end there. As previously reported by crypto.news, Bitcoin miners<a href="https://crypto.news/bitcoin-miners-hit-annual-high-with-over-44m-in-revenue/" target="_blank" rel="noreferrer noopener"> earned</a> more than $44 million in block rewards even as mining difficulty <a href="https://finance.yahoo.com/news/bitcoin-hash-rate-hits-time-053634446.html" target="_blank" rel="noreferrer noopener">increased</a> by 3.55% to set an all-time high.</p> 
<p>The jump in mining difficulty was a result of Bitcoin experiencing a spike in its hash rate, with reports suggesting the network had gone through its fourth-highest hash rate adjustment this year, reflecting a 343% surge in this cycle.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Fourth highest adjustment this year.<br>But as we approach the halving in April, the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> hash rate has grown 343% this cycle. <a href="https://t.co/ulGISA7Xtv" target="_blank">https://t.co/ulGISA7Xtv</a> <a href="https://t.co/ftFrgl5yvC" target="_blank">pic.twitter.com/ftFrgl5yvC</a></p>— James Van Straten (@jimmyvs24) <a href="https://twitter.com/jimmyvs24/status/1738572398981443961?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 23, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Analysts emphasize the crucial role of these escalating revenues in helping to offset the selling pressure on Bitcoin.&nbsp;</p> 
<p>This reduction in selling pressure may help strike a balance between supply and demand in the market, potentially driving Bitcoin’s price upwards — especially when coupled with the anticipated <a href="https://crypto.news/analyst-bitcoin-to-see-significant-surge-on-etf-approval/" target="_blank" rel="noreferrer noopener">approval</a> of spot Bitcoin ETFs.</p> 
<p>The developments have led market watchers to make numerous predictions regarding Bitcoin’s price in 2024, with some claiming it could go as high as<a href="https://crypto.news/analysts-predict-bitcoin-surge-to-160k-by-2024/" target="_blank" rel="noreferrer noopener"> $160,000</a>.</p> 
<p> Read more: <a href="https://crypto.news/matrixport-forecasts-bitcoin-to-hit-50k-in-january/"> Matrixport forecasts Bitcoin to hit $50k in January </a> </p>

Bitcoin miners see transaction revenue spike 400% in 2023

crypto.news

Other articles published on Dec 24, 2023

Are XRP whales ignoring market trends? Here’s what data says

ChatGPT claims a new ATH is incoming for SHIB in 2024

Artificial Intelligence’s (AI) Growing Impact on Elections Raises Concerns

Bitcoin Bull Cathie Wood’s Ark Invest Sold Over 343K Coinbase (COIN) Shares In A Week

Shiba Inu: Buying pressure rises, is a rally incoming?

Shiba Inu Team Executes 4th Burn To Bring Total To Nearly 34 Billion

Join our free newsletter for daily crypto updates!