Bitcoin Mining Revenue Hits $1.51 Billion Amidst Rising Onchain Fees

In December, the bitcoin mining sector experienced a peak in monthly earnings, accumulating a staggering $1.51 billion. Moreover, the month set a new benchmark in onchain transaction fees, with miners earning a notable $324.83 million from fees alone.
In December 2023, bitcoin (BTC) miners achieved a milestone in monthly earnings, reaching a total of $1.51 billion from block discovery and transaction validations. This figure, inclusive of $324.83 million in onchain fees, eclipses the previous record set in May when miners earned $919.22 million, including $125.92 million from fees.
In July, miners amassed $865 million, including $19.21 million in fees. Yet, December saw a remarkable surge, standing 1.64 times higher than May’s previous peak, marking a 64.27% increase equivalent to an added $590.78 million. Currently, as per bitinfocharts.com, December’s onchain transaction fees are on the rise, averaging 231 satoshis per virtual byte (sats/vB) or $20.86 per transaction.

On December 31, 2023, the average transaction fee stood at $9.60 or 106.3 sats/vB. However, by December 17, fees surged to a peak of $40 per transaction, averaging $37.43 — the highest for the year, surpassing May 8’s previous record of $31.
Additionally, on the same date, Bitcoin’s hash price reached its 2023 pinnacle at $133.62 per PH/s, eclipsing the earlier high of $125.64 on May 8. Despite these elevated fees, miners grapple with a backlog exceeding 496,000 pending transactions and a block congestion of 430 blocks.

Learn from market wizards: Books to take your trading to the next level

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  John Cadogan

• 

  Tom Spiller OBE

• 

  Beth Anne Lamar

• 

  Robbie Burns