According to CryptoPotato, Bitcoin (BTC) miners in 2023 have collected a daily average of $2 million in transaction fee revenue, showcasing a 400% increase compared to last year's averages. Jameson Lopp, the Co-founder and CTO of BTC self-custody solutions company Casa, revealed in a Dec. 23 post that Bitcoin miners generated revenue exceeding $10 billion in 2023, adding to the total of $57 billion collected in the past 15 years.
This month, miners' total daily revenue block rewards and transaction fee revenues reached an annual high of $64 million, almost a 400% increase from its year-to-date value, according to data from Ycharts. Coin Metrics also disclosed that the quarterly mining revenues in 2023 surpassed $2B over the last three-quarters of the year, with transaction fees collected by miners climbing over $180M in Q2 and Q4.
In 2023, the Bitcoin network experienced a significant surge in mining hashrate, jumping from 250 Exahashes per second (EH/s) at the start of the year to 480 EH/s, as reported by Coin Metric's State of the Network Q4 2023 Mining report. The rise in hashrate led to a 26% increase in Bitcoin mining difficulty over the past three months. However, experts believe Bitcoin's halving may subsequently decelerate the fast-rising mining difficulty. The rising hashrate also indicates improving network security, which may rapidly help BTC's price charge toward the bull market.
