It is reported that the revenue earned by Bitcoin (BTC) miners from transaction fees in 2023 will be approximately $2 million per day on average, a 400% increase compared to the previous year.
Jameson Lopp, co-founder of Bitcoin self-management platform Casa, posted data to
Lopp said Bitcoin miners have earned an average of nearly $2 million a day in transaction fees this year. This is a 400% increase compared to last year.
Lopp also shared that BTC miners made over $10 billion in 2023. However, he stated that the figures assumed miners immediately exchanged their coins for fiat, something he suggested was not entirely true.
His revelation follows Messari’s recent report indicating that BTC miners attracted significant venture capital investment in November.
According to the report, there were 98 cryptocurrency-related transactions last month, about 90% of which involved Bitcoin miners worth $1.75 billion.
The good news for the sector didn’t end there. As previously reported by crypto.news, Bitcoin miners earned more than $44 million in block rewards despite mining difficulty increasing by 3.55% to an all-time high.
The spike in mining difficulty is the result of a surge in Bitcoin’s hashrate, with reports that the network has undergone its fourth highest hashrate adjustment of the year, reflecting a 343% surge in the cycle.
Analysts highlight the important role these growing revenues play in offsetting selling pressure on Bitcoin.
This reduced selling pressure could help balance supply and demand in the market, potentially pushing the price of Bitcoin higher. This is especially true with the expected approval of a spot Bitcoin ETF.
These developments have led market observers to make numerous predictions about the Bitcoin price in 2024, with some claiming that the Bitcoin price could hit $160,000.