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Monthly revenue of Bitcoin miners hit a new record in December 2023, surging 38% month-on-month to $1.6 billion, according to analytics platform Stocklytics.com.
The gains mainly stem from block discovery and transaction verification fees, with on-chain transaction fees contributing over $324 million.
“December 2023 has now set a new milestone in monthly revenue for Bitcoin miners,” said Edith Reads, financial analyst at Stocklytics.
“Within this stellar performance, the onchain transaction rates for the month reveal an impressive trajectory with an average fee of 231 satoshis per virtual byte (sats/vB) or $20.86 per transaction,” he added.
As of December 31, 2023, the average transaction fee stood at $9.60 per transaction. However, fee transfers spiked up to $40 on December 17, 2023, surpassing May’s high of $31. This resulted in the augmented revenue from transaction fees.
In addition, the hash price for Bitcoin rose to $133.62 per PH/s on December 17, 2023, leading to substantial revenues for crypto miners.
The hash rate refers to the volatility index that measures the processing capacity of the entire Bitcoin network, and it determines the power miners require to produce new Bitcoins, according to Reuters.
(Editing by Seban Scaria)