Bitcoin

Northern

Read

Phoenix

James

<div class="cryptonews">
 <p class="is-style-lead">The revenue collected by Bitcoin (BTC) 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 <a rel="noopener noreferrer nofollow" title="miners" href="https://thebittimes.com/tag/miners.html">miners</a> 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. pic.twitter.com/zZjUwy1Gbh</p>— Jameson Lopp (@lopp) December 23, 2023
   </blockquote>
  </div>
 </figure>
 <p>Lopp says Bitcoin <a rel="noopener noreferrer nofollow" title="miners" href="https://thebittimes.com/tag/miners.html">miners</a> raked in almost $2 million on average per day from <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a> 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. pic.twitter.com/nfH8KI6etH</p>— Jameson Lopp (@lopp) December 23, 2023
   </blockquote>
  </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 <a rel="noopener noreferrer nofollow" title="miners" href="https://thebittimes.com/tag/miners.html">miners</a>.</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. pic.twitter.com/CvuwUsgu5c</p>— Messari (@MessariCrypto) November 29, 2023
   </blockquote>
  </div>
 </figure>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Bitcoin proponents kick against proposed US crypto ban
 </div>
 <p>The good news for the sector did not end there. As previously reported by crypto.news, Bitcoin <a rel="noopener noreferrer nofollow" title="miners" href="https://thebittimes.com/tag/miners.html">miners</a> earned more than $44 million in block rewards even as mining difficulty increased 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 #Bitcoin hash rate has grown 343% this cycle. https://t.co/ulGISA7Xtv pic.twitter.com/ftFrgl5yvC</p>— James Van Straten (@jimmyvs24) December 23, 2023
   </blockquote>
  </div>
 </figure>
 <p>Analysts emphasize the crucial role of these escalating <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a>s 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 approval 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 $160,000.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Matrixport forecasts Bitcoin to hit $50k in January
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-miners-see-transaction-revenue-spike-400-in-2023-tbt74677.html">https://thebittimes.com/bitcoin-miners-see-transaction-revenue-spike-400-in-2023-tbt74677.html</a></p>

Bitcoin miners see transaction revenue spike 400% in 2023

TheBitTimes

Other articles published on Dec 24, 2023

MEXC Threatens Legal Action Amid FUD Claims of MEXC CEO Vanishing

Centralization will kill web3 before it reaches its full potential | Opinion

NEAR Price Prediction: NEAR Witnessed Breakout, Bull Eyeing $5

The Next Big Thing in Digital Currency: Could This Coin Rival Shiba Inu’s Success?

How Solana’s Bullish Trajectory Could Lead to a $120 Breakout?

Solana Price Prediction: A Swift Snapshot of SOL’s Over 20% Surge in Value

Join our free newsletter for daily crypto updates!