December 2023 Sees Record Bitcoin Mining Revenue: $1.51 Billion Amassed With Soaring Onchain Fees

In December, bitcoin miners garnered the best month-to-month income of the yr, amassing $1.51 billion. Additionally, this month marked a document in payment assortment, with miners securing $324.83 million in onchain transaction charges.

Bitcoin Miners Smash Records — Highest Monthly Haul of $1.51 Billion in December 2023

December 2023 has set a brand new benchmark for month-to-month income garnered by bitcoin (BTC) miners by means of block discovery and transaction verification. By Dec. 31, 2023, a complete of $1.51 billion was amassed, together with $324.83 million in onchain charges. This surpasses the previous month-to-month income document set in May, the place miners collected a complete of $919.22 million, with $125.92 million from onchain charges.

In July, miners collected a complete of $865 million, with $19.21 million from charges. December, nevertheless, marked a big improve, standing 1.64 instances better than May’s document, representing a development of 64.27% or an extra $590.78 million. At the second, in keeping with bitinfocharts.com, December’s onchain transaction charges are hovering, with the common payment at 231 satoshis per digital byte (sats/vB) or $20.86 per transaction.

On Dec. 31, 2023, the median-sized payment is famous at $9.60 per transaction or 106.3 sats/vB. Moreover, on Dec. 17, 2023, charges spiked to as a lot as $40 per transfer, averaging round $37.43 per transaction — the yr’s peak in on-chain charges, surpassing the earlier excessive of $31 on May 8, 2023.

Also, on Dec. 17, the hash price of Bitcoin — the worth of a single petahash per second (PH/s) produced each day — hit a 2023 zenith of $133.62 per PH/s, exceeding the sooner document of $125.64 per PH/s on May 8. Despite the excessive onchain charges, miners face a backlog of over 496,000 unconfirmed transactions and congestion of 430 blocks.

What do you consider the record-breaking haul bitcoin miners gathered in December 2023? Share your ideas and opinions about this topic within the feedback part under.